Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $1,378,543.68 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $1,378,543.68. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

James Richard Porter also recently made the following trade(s):

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00.
• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00.

Nuvalent Price Performance

NASDAQ:NUVL opened at $76.61 on Friday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The business has a 50 day moving average of $88.18 and a 200 day moving average of $87.25. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of -22.08 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 quarter in the prior year, the firm earned ($0.59) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on NUVL. UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. HC Wainwright started coverage on shares of Nuvalent in a report on Monday, December 30th. They issued a “buy” rating and a $110.00 price target for the company. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Stifel Nicolaus increased their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

Institutional Trading of Nuvalent

Institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new stake in shares of Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank grew its position in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the last quarter. Portland Investment Counsel Inc. bought a new position in shares of Nuvalent in the third quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. increased its stake 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 worth $213,000 after buying an additional 382 shares during the period. Finally, Creative Planning bought a new stake in Nuvalent during the 3rd quarter valued at $232,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.