Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,338,470.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

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

Nuvalent Stock Performance

Shares of NUVL opened at $84.22 on Friday. The stock has a market cap of $5.98 billion, a PE ratio of -24.27 and a beta of 1.31. The firm’s 50-day simple moving average is $93.21 and its two-hundred day simple moving average is $87.07. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 in the prior year, the firm earned ($0.59) EPS. Equities research analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NUVL. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. 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 research report on Wednesday, November 13th. Guggenheim boosted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Wellington Management Group LLP lifted its stake in Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after acquiring an additional 400,402 shares during the period. Samlyn Capital LLC bought a new position in Nuvalent during the 2nd quarter valued at about $17,397,000. Logos Global Management LP purchased a new stake in shares of Nuvalent during the 2nd quarter valued at about $14,793,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after acquiring an additional 155,276 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.