Matthew Shair Sells 37,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, May 6th. The shares were sold at an average price of $69.48, for a total value of $2,605,500.00. Following the completion of the transaction, the director now owns 1,462,198 shares of the company’s stock, valued at $101,593,517.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, April 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $67.51, for a total transaction of $135,020.00.
• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $65.56, for a total transaction of $2,458,500.00.
• 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 transaction of $2,878,875.00.

Nuvalent Price Performance

NUVL opened at $67.52 on Friday. The stock’s 50 day simple moving average is $73.67 and its 200 day simple moving average is $71.79. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -31.26 and a beta of 1.35. Nuvalent, Inc. has a 1 year low of $37.95 and a 1 year 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 analysts’ consensus estimates of ($0.60) by ($0.02). As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after purchasing an additional 1,205,668 shares during the period. Perceptive Advisors LLC raised its position in Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after purchasing an additional 454,540 shares during the last quarter. Commodore Capital LP lifted its holdings in Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Nuvalent by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after buying an additional 18,263 shares during the period. Finally, First Turn Management LLC bought a new stake in shares of Nuvalent in the 4th quarter worth approximately $18,831,000. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on NUVL. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a report on Tuesday, February 27th. Robert W. Baird assumed coverage on Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price on the stock. Guggenheim assumed coverage on Nuvalent in a research report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, Jefferies Financial Group started coverage on Nuvalent in a report on Wednesday, April 17th. They set 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 given a buy rating to the stock. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $90.78.

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.