Matthew Shair Sells 2,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, January 27th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00.
• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00.

Nuvalent Trading Down 2.8 %

NASDAQ:NUVL opened at $74.91 on Friday. The firm has a market capitalization of $5.32 billion, a PE ratio of -21.59 and a beta of 1.38. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The firm’s fifty day simple moving average is $80.56 and its 200 day simple moving average is $88.25.

Nuvalent (NASDAQ:NUVL) last posted 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). As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of NUVL. Creative Planning bought a new stake in Nuvalent in the 3rd quarter valued at $232,000. Mirae Asset Global Investments Co. Ltd. grew its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after buying an additional 382 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Nuvalent by 64.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,417 shares of the company’s stock valued at $1,168,000 after acquiring an additional 4,472 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Nuvalent by 29.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock valued at $2,201,000 after acquiring an additional 4,957 shares in the last quarter. Finally, AlphaCentric Advisors LLC acquired a new position in Nuvalent in the 3rd quarter valued at approximately $716,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NUVL shares. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average price target of $113.10.

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.