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

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 Stock Up 1.4 %

Shares of NUVL opened at $84.64 on Friday. The stock’s fifty day simple moving average is $93.60 and its 200-day simple moving average is $86.97. The firm has a market capitalization of $6.01 billion, a PE ratio of -24.39 and a beta of 1.31. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued 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 prior year, the company earned ($0.59) EPS. Analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NUVL shares. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. UBS Group assumed coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, BMO Capital Markets lifted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Institutional Trading of Nuvalent

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its stake in shares of Nuvalent by 108.3% during the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after purchasing an additional 1,745 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after acquiring an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Nuvalent by 62.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after acquiring an additional 1,686 shares during the last quarter. Rhumbline Advisers raised its position in shares of Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after acquiring an additional 7,420 shares during the period. Finally, Arizona State Retirement System boosted its stake in Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after acquiring an additional 1,127 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.