Darlene Noci Sells 20,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,581,083. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Nuvalent Trading Up 1.2 %

Nuvalent stock opened at $76.64 on Thursday. Nuvalent, Inc. has a twelve month low of $23.09 and a twelve month high of $89.39. The stock has a 50 day moving average of $81.09 and a two-hundred day moving average of $68.02. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -35.48 and a beta of 1.36.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Equities analysts predict that Nuvalent, Inc. will post -2.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NUVL shares. BMO Capital Markets upped their target price on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Wedbush reissued an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research report on Tuesday, February 27th. Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price for the company. JPMorgan Chase & Co. upped their target price on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Robert W. Baird started coverage on Nuvalent in a research report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently modified their holdings of NUVL. Tower Research Capital LLC TRC raised its stake in shares of Nuvalent by 41.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after buying an additional 187 shares in the last quarter. Amundi purchased a new position in shares of Nuvalent during the 4th quarter worth approximately $34,000. KBC Group NV purchased a new position in shares of Nuvalent during the 4th quarter worth approximately $52,000. Metropolitan Life Insurance Co NY raised its stake in shares of Nuvalent by 22.8% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 1,325 shares of the company’s stock worth $56,000 after buying an additional 246 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after buying an additional 654 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

About Nuvalent

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.