Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells 2,000,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the transaction, the director now directly owns 8,670,512 shares in the company, valued at approximately $847,542,548. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Nuvalent Stock Down 0.1 %

NUVL traded down $0.08 during trading on Thursday, reaching $93.63. 628,256 shares of the company’s stock were exchanged, compared to its average volume of 436,351. Nuvalent, Inc. has a fifty-two week low of $49.02 and a fifty-two week high of $113.51. The business has a 50 day moving average price of $94.09 and a 200 day moving average price of $80.20. The company has a market capitalization of $6.07 billion, a P/E ratio of -33.71 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the previous year, the business posted ($0.51) EPS. As a group, research analysts forecast that Nuvalent, Inc. will post -3.52 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, BMO Capital Markets lifted their price target on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Vanguard Group Inc. lifted its position in Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the period. Darwin Global Management Ltd. increased its stake in Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares in the last quarter. Fred Alger Management LLC increased its stake in Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after purchasing an additional 33,758 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.