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 business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the completion of the transaction, the director now owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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 transaction 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 transaction 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 transaction 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 transaction of $2,878,875.00.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $66.07 on Friday. The firm’s fifty day moving average is $76.92 and its 200-day moving average is $70.95. Nuvalent, Inc. has a 52 week low of $33.03 and a 52 week high of $89.39. The firm has a market cap of $4.23 billion, a P/E ratio of -30.59 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted 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). As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in shares of Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after acquiring an additional 654 shares during the period. Compass Wealth Management LLC acquired a new position in shares of Nuvalent during the 4th quarter valued at $63,000. Allspring Global Investments Holdings LLC lifted its position in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nuvalent by 460.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after acquiring an additional 3,162 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in shares of Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after acquiring an additional 750 shares during the period. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NUVL has been the topic of several research reports. Guggenheim initiated coverage on shares of Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Finally, BMO Capital Markets boosted their target price on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and a consensus target price of $90.78.

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.