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Reporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Miller Deborah Ann | Chief Legal Officer | Sell | $771,798 | Form 4 |
Pelish Henry E. | Chief Scientific Officer | Sell | $3,244,140 | Form 4 |
Deborah Ann Miller, Chief Legal Officer of Nuvalent, sold 8,000 shares of Class A Common Stock on September 16, 2024, with transactions executed at prices ranging from $93.22 to $102.00, some reported as weighted average prices. The total sale amount was $771,798. Following these transactions, Miller directly owns 33,300 shares of Nuvalent.
Henry E. Pelish, the Chief Scientific Officer of Nuvalent, sold 32,795 shares of Class A Common Stock on the same day, for a total of $3,244,140, at weighted average prices ranging from $93.25 to $102.8. After these sales, Pelish directly owns 33,300 shares of the company.
Shares of Nuvalent NUVL have soared nearly 20% in the past week owing to encouraging updates on its two investigational therapies. Both therapies target previously treated non-small cell lung cancer (NSCLC) patients but focus on different genetic mutations.
These updates were announced earlier this weekend at the European Society for Medical Oncology (ESMO) Congress 2024 meeting held in Spain.
NUVL Boasts Encouraging Pipeline Potential in NSCLC Space
Management presented updated data from the early-stage portions of two separate phase I/II studies — ARROS-1 and ALKOVE-1. While the ARROS-1 study evaluates zidesamtinib inpatients with advanced ROS1-positive NSCLC, the ALKOVE-1 study evaluates NVL-655 in patients with advanced ALK-positive NSCLC.
Data from the ARROS-1 study showed that 44% of patients who received zidesamtinib responded to treatment. In the ALOVE-1 study, 38% of patients responded to treatment with NVL-655.
Both studies involved patients whose cancers failed to respond to heavily pre-treated patients who had already been treated with Pfizer’s PFE Lorbrena or Bristol Myers’ BMY Augtyro. While the PFE drug is approved to treat ALK-positive NSCLC patients, the BMY drug is approved for ROS1-positive NSCLC.
These updates impressed investors, which sent Nuvalent’s stock price soaring. Several Wall Street analysts supported the company’s claims that both drugs could be the best-in-class therapies in their respective categories. Per management, zidesamtinib and NVL-655 demonstrate the potential for treating third-line NSCLC patients — an area where no approved therapies have demonstrated clinical benefit. The drugs also provide a differentiated option to NSCLC patients in the second-line setting.
Year to date, Nuvalent’s shares have surged 42.4% compared with the industry’s 1.0% growth. During this timeframe, the stock has also outperformed the sector and the S&P 500. The company’s shares are also trading above the 50-day and 200-day moving averages.
NUVL Stock Outperforms Industry, Sector & S&P 500
Nuvalent’s Future Plans for Both Drugs
Alongside results, management also provided updates on its plans and development strategies for both candidates. Currently, NUVL is evaluating both drugs in the phase II portions of the ARROS-1 and ALKOVE-1 studies. These mid-stage portions have been designed with registrational intent. If successful, management could seek accelerated approval from the FDA for the drugs. Data from these portions is expected next year.
These results are likely to boost investors’ confidence in the company’s OnTarget 2026 operating plan announced earlier this year, which lays down management’s path toward a potential first approval in 2026.
Management also announced plans for a late-stage study, which will evaluate NVL-655 against Roche’s RHHBY Alecensa in ALK-positive NSCLC patients who have not received any TKI inhibitors.
Roche’s Alecensa is approved to treat adult patients with ALK-positive metastatic NSCLC. In April, the FDA granted label expansion to this RHHBY drug for adjuvant treatment following tumor resection in ALK-positive NSCLC patients.
Nuvalent, Inc. Price
Nuvalent, Inc. price | Nuvalent, Inc. Quote
NUVL’s Zacks Rank
Nuvalent currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
Nuvalent Inc shares are trading lower by 6.56% to $104.81 during Tuesday’s session after the company priced a $500 million upsized public offering of 5 million common shares at $100 per share.
Nuvalent says the offering is expected to close on September 18, pending the satisfaction of customary closing conditions. Gross proceeds of approximately $500 million are expected for the company, before expenses.
Read Also: Nuvalent Stock Jumps On ESMO Data Presentation
Additionally, the underwriters have been granted a 30-day option to purchase up to 750,000 additional shares of Class A common stock at the same public offering price, minus underwriting discounts and commissions.
J.P. Morgan, TD Cowen, Jefferies and Stifel are acting as joint book-running managers for the offering.
Read Also: 13 ETFs To Own As Fed Set To Cut Rates: Analysts Highlight Utilities, Real Estate, And More
Should I Sell My NUVL Stock?
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Nuvalent have increased by 138.18% in the past year. An investor who bought shares of Nuvalent at the beginning of the year would make a profit of $28.82 per share if they sold it today. The stock has risen 40.12% over the past month, meaning an investor who bought shares on Aug. 1 would see a capital gain of $31.76.
Nuvalent shares have an all-time high of $112.17, representing 6.91% upside from current levels.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
According to data from Benzinga Pro, NUVL has a 52-week high of $113.51 and a 52-week low of $39.93.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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