Nuvalent, Inc. (NASDAQ:NUVL) Insider Deborah Ann Miller Sells 3,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $72.07, for a total value of $216,210.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,399,931. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Deborah Ann Miller also recently made the following trade(s):

• On Thursday, April 4th, Deborah Ann Miller sold 3,000 shares of Nuvalent stock. The stock was sold at an average price of $73.60, for a total transaction of $220,800.00.
• On Thursday, March 28th, Deborah Ann Miller sold 22,000 shares of Nuvalent stock. The shares were sold at an average price of $75.20, for a total transaction of $1,654,400.00.

Nuvalent Trading Down 3.0 %

Shares of Nuvalent stock opened at $70.35 on Friday. The firm’s 50-day simple moving average is $75.45 and its 200-day simple moving average is $71.25. Nuvalent, Inc. has a twelve month low of $36.51 and a twelve month high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, equities analysts forecast that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Guggenheim started coverage on Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 target price for the company. BMO Capital Markets lifted their price target on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Finally, Jefferies Financial Group began coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. boosted its stake in shares of Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after purchasing an additional 654 shares in the last quarter. Compass Wealth Management LLC bought a new stake in Nuvalent during the fourth quarter worth about $63,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Nuvalent by 460.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after acquiring an additional 3,162 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Nuvalent by 33.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after acquiring an additional 750 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.