Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $167,560.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the transaction, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This trade represents a 0.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $96.22, for a total value of $192,440.00.
• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.

Nuvalent Trading Down 2.1 %

Shares of Nuvalent stock opened at $80.30 on Friday. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The firm’s 50-day moving average price is $91.11 and its 200 day moving average price is $87.32. The firm has a market capitalization of $5.71 billion, a PE ratio of -23.14 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the business earned ($0.59) earnings per share. On average, sell-side analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently modified their holdings of NUVL. Quest Partners LLC acquired a new position in Nuvalent during the second quarter worth about $44,000. Amalgamated Bank lifted its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. acquired a new position in shares of Nuvalent during the 3rd quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new stake in shares of Nuvalent in the second quarter valued at approximately $218,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NUVL. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Finally, BMO Capital Markets raised their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $112.60.

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.