Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,118,420.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The shares were 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

Nuvalent stock opened at $79.49 on Friday. The stock has a market cap of $5.65 billion, a P/E ratio of -22.91 and a beta of 1.38. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The firm’s fifty day moving average price is $81.31 and its 200-day moving average price is $88.18.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and a consensus price target of $112.36.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in shares of Nuvalent in the fourth quarter worth $108,000. Woodline Partners LP increased its stake in Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company’s stock valued at $94,322,000 after acquiring an additional 11,248 shares during the last quarter. Vestal Point Capital LP bought a new position in Nuvalent in the fourth quarter valued at $46,968,000. Soleus Capital Management L.P. increased its stake in Nuvalent by 40.3% in the fourth quarter. Soleus Capital Management L.P. now owns 104,357 shares of the company’s stock valued at $8,169,000 after acquiring an additional 30,000 shares during the last quarter. Finally, Twinbeech Capital LP bought a new position in Nuvalent in the fourth quarter valued at $2,317,000. Institutional investors own 97.26% of the company’s stock.

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.