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

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 value of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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 transaction of $2,761,560.00.

Nuvalent Stock Performance

Nuvalent stock opened at $84.64 on Friday. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The stock has a market capitalization of $6.01 billion, a P/E ratio of -24.39 and a beta of 1.31. The stock has a 50-day simple moving average of $93.60 and a 200 day simple moving average of $86.97.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the company posted ($0.59) earnings per share. Research analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on NUVL. UBS Group initiated coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. Guggenheim increased their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Finally, BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently modified their holdings of NUVL. Edgestream Partners L.P. acquired a new position in shares of Nuvalent in the second quarter valued at approximately $1,191,000. Y Intercept Hong Kong Ltd acquired a new position in Nuvalent in the 3rd quarter valued at $1,255,000. Citigroup Inc. lifted its position in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after acquiring an additional 12,256 shares during the period. Lord Abbett & CO. LLC grew its holdings in shares of Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after purchasing an additional 70,157 shares in the last quarter. Finally, First Turn Management LLC increased its position in shares of Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares during the period. 97.26% of the stock is owned by 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.