Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells 2,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $83.78, for a total value of $167,560.00. Following the transaction, the director now directly owns 220,522 shares of the company’s stock, valued at $18,475,333.16. This represents a 0.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $96.22, for a total value of $192,440.00.
• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.

Nuvalent Trading Down 2.1 %

NASDAQ NUVL opened at $80.30 on Friday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of -23.14 and a beta of 1.31. The stock’s 50 day moving average is $91.11 and its two-hundred day moving average is $87.26.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the business earned ($0.59) earnings per share. On average, analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analysts Set New Price Targets

NUVL has been the subject of several research analyst reports. Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets upped their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, UBS Group began coverage on 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 issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank grew its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent during the third quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Nuvalent in the second quarter valued at approximately $218,000. Institutional investors and hedge funds 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.