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 company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,926,221.38. This trade represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The stock was 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 stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00.

Nuvalent Price Performance

NUVL traded down $0.15 during trading hours on Friday, reaching $75.84. 504,511 shares of the stock traded hands, compared to its average volume of 561,346. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The company has a market cap of $5.39 billion, a price-to-earnings ratio of -21.86 and a beta of 1.38. The firm’s fifty day simple moving average is $86.74 and its two-hundred day simple moving average is $87.15.

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Friday. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday. One equities research 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’s stock. According to MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors have recently made changes to their positions in NUVL. Edgestream Partners L.P. bought a new stake in shares of Nuvalent in the second quarter worth $1,191,000. Y Intercept Hong Kong Ltd acquired a new position in Nuvalent during the 3rd quarter worth $1,255,000. Lord Abbett & CO. LLC increased its position in shares of Nuvalent by 29.5% in 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 during the last quarter. Citigroup Inc. raised its stake in shares of Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after purchasing an additional 12,256 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after purchasing an additional 40,754 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.