Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $165,580.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the sale, the director now directly owns 218,522 shares of the company’s stock, valued at $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00.
• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $96.22, for a total transaction of $192,440.00.

Nuvalent Stock Up 0.2 %

Nuvalent stock opened at $85.52 on Thursday. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51. The firm’s fifty day moving average is $84.99 and its 200 day moving average is $87.68. The company has a market cap of $6.08 billion, a price-to-earnings ratio of -24.65 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the firm posted ($0.59) EPS. On average, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in shares of Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after acquiring an additional 400,402 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Nuvalent by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after acquiring an additional 73,429 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of Nuvalent by 8.6% during the 3rd quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after purchasing an additional 49,612 shares during the period. Finally, First Turn Management LLC grew its holdings in Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on NUVL. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Friday, January 17th. Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.36.

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.