Nuvalent, Inc. (NASDAQ:NUVL – Get Rating) shares dropped 4.9% during trading on Friday after an insider sold shares in the company. The stock traded as low as $31.06 and last traded at $31.13. Approximately 430 shares changed hands during trading, a decline of 100% from the average daily volume of 173,595 shares. The stock had previously closed at $32.73.
Specifically, insider Deborah Ann Miller sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $32.62, for a total value of $65,240.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Matthew Shair sold 18,300 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $28.04, for a total value of $513,132.00. Following the sale, the director now owns 1,944,698 shares of the company’s stock, valued at approximately $54,529,331.92. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Deborah Ann Miller sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $32.62, for a total value of $65,240.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 139,055 shares of company stock valued at $4,371,191. 15.79% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of research analysts have weighed in on the company. BMO Capital Markets increased their price target on Nuvalent from $28.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, October 28th. Wedbush assumed coverage on Nuvalent in a research note on Tuesday. They set an “outperform” rating and a $39.00 price target on the stock.
Nuvalent Trading Down 5.7 %
Nuvalent (NASDAQ:NUVL – Get Rating) last released its quarterly earnings data on Thursday, November 10th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.05. On average, equities research analysts expect that Nuvalent, Inc. will post -1.55 earnings per share for the current fiscal year.
Institutional Trading of Nuvalent
Several large investors have recently modified their holdings of NUVL. SG Americas Securities LLC bought a new position in Nuvalent in the third quarter worth about $114,000. Credit Suisse AG boosted its stake in Nuvalent by 42,088.9% in the 3rd quarter. Credit Suisse AG now owns 7,594 shares of the company’s stock worth $148,000 after purchasing an additional 7,576 shares during the period. California State Teachers Retirement System boosted its stake in shares of Nuvalent by 35.0% during the 1st quarter. California State Teachers Retirement System now owns 7,811 shares of the company’s stock valued at $108,000 after buying an additional 2,024 shares during the period. American International Group Inc. boosted its stake in shares of Nuvalent by 59.8% during the 1st quarter. American International Group Inc. now owns 9,098 shares of the company’s stock valued at $126,000 after buying an additional 3,406 shares during the period. Finally, Ellsworth Advisors LLC acquired a new stake in shares of Nuvalent in the 4th quarter valued at $359,000.
Nuvalent, Inc, a clinical stage biopharmaceutical company, develops therapies for patients with cancer. Its lead product candidates are NVL-520, a brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; and NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase I/II clinical trial.
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