Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells 17,301 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $19,845,260.16. This trade represents a 6.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00.
• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL traded down $1.87 during mid-day trading on Wednesday, hitting $78.25. The stock had a trading volume of 341,935 shares, compared to its average volume of 471,296. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The company has a market cap of $5.56 billion, a PE ratio of -22.55 and a beta of 1.38. The company’s 50 day moving average is $88.87 and its 200-day moving average is $87.41.

Nuvalent (NASDAQ:NUVL) last issued 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 firm posted ($0.59) earnings per share. On average, equities research analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVL. Bank of New York Mellon Corp boosted its position in Nuvalent by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after purchasing an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Nuvalent by 62.0% in the second 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 holdings in shares of Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after purchasing an additional 7,420 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Nuvalent in the second quarter worth $44,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Guggenheim boosted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, UBS Group assumed coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

About Nuvalent

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.