Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter Sells 27,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. This represents a 9.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00.
• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The stock was sold at an average price of $79.68, for a total value of $1,378,543.68.

Nuvalent Stock Up 1.2 %

NASDAQ NUVL opened at $77.57 on Thursday. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -22.35 and a beta of 1.42. The business’s fifty day moving average is $78.54 and its 200 day moving average is $87.78.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NUVL. UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently modified their holdings of NUVL. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the 4th quarter valued at $27,000. Quarry LP acquired a new position in Nuvalent during the 4th quarter worth about $39,000. US Bancorp DE acquired a new position in Nuvalent during the 4th quarter worth about $90,000. GF Fund Management CO. LTD. acquired a new position in Nuvalent during the 4th quarter worth about $108,000. Finally, KBC Group NV lifted its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.