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 stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the sale, the director now directly owns 218,522 shares of the company’s stock, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 value of $167,560.00.
• 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.

Nuvalent Price Performance

NUVL traded up $0.17 during trading on Wednesday, reaching $85.52. 356,149 shares of the stock traded hands, compared to its average volume of 537,703. The stock’s 50-day simple moving average is $85.11 and its two-hundred day simple moving average is $87.70. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of -24.65 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the business posted ($0.59) earnings per share. Research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NUVL has been the subject of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. BMO Capital Markets raised 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. UBS Group started coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. boosted 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its position 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 purchasing an additional 198 shares during the period. KBC Group NV boosted its holdings in shares of Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares during the period. Portland Investment Counsel Inc. acquired a new position in Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the period. Finally, Creative Planning acquired a new position in Nuvalent during the 3rd quarter worth $232,000. 97.26% of the stock is owned by institutional investors.

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.