Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $2,458,500.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the completion of the sale, the director now owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Matthew Shair also recently made the following trade(s):

• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Stock Down 1.9 %

Nuvalent stock opened at $63.06 on Friday. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -29.19 and a beta of 1.29. Nuvalent, Inc. has a 52 week low of $31.09 and a 52 week high of $89.39. The business’s 50-day moving average price is $78.66 and its 200 day moving average price is $70.56.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Equities analysts expect that Nuvalent, Inc. will post -2.93 EPS for the current year.

Institutional Trading of Nuvalent

Several institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in Nuvalent by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after purchasing an additional 139 shares during the period. Tower Research Capital LLC TRC grew its holdings in Nuvalent by 41.0% in the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after purchasing an additional 187 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Nuvalent by 3.1% in the third quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock valued at $323,000 after purchasing an additional 210 shares during the period. Finally, Teacher Retirement System of Texas grew its holdings in Nuvalent by 4.8% in the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company’s stock valued at $269,000 after purchasing an additional 269 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NUVL shares. BMO Capital Markets raised their price objective on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Guggenheim started coverage on Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective for the company. SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. Wedbush restated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, JPMorgan Chase & Co. raised their price objective on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.78.

Nuvalent Company Profile

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.