Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $2,386,875.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $63.65, for a total value of $2,386,875.00. Following the completion of the sale, the director now owns 1,537,198 shares of the company’s stock, valued at approximately $97,842,652.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 value 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 shares were sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Stock Down 0.6 %

Shares of NUVL stock opened at $67.20 on Thursday. Nuvalent, Inc. has a fifty-two week low of $33.03 and a fifty-two week high of $89.39. The stock’s 50-day moving average is $77.29 and its two-hundred day moving average is $70.98.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Hudson Bay Capital Management LP increased its holdings in shares of Nuvalent by 43.2% during the 3rd quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after acquiring an additional 12,955 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Nuvalent by 18.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after acquiring an additional 15,197 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Nuvalent by 49.8% during the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after acquiring an additional 6,714 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Nuvalent by 51.2% during the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after acquiring an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Nuvalent by 196.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after acquiring an additional 131,296 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. upped their target price on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Jefferies Financial Group started coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. 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. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Finally, Robert W. Baird initiated coverage on Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective for the company. One research 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 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.