Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,051,730.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,926,221.38. This trade represents a 9.78 % 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 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.
• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00.

Nuvalent Stock Performance

NUVL stock opened at $75.84 on Monday. The firm has a 50-day simple moving average of $86.35 and a two-hundred day simple moving average of $87.36. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of -21.86 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 for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the business posted ($0.59) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in Nuvalent in the second quarter worth about $44,000. Amalgamated Bank raised its position in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in Nuvalent in the 3rd quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. grew its position in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Creative Planning acquired a new position in Nuvalent during the 3rd quarter valued at approximately $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.