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 Nuvalent stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the transaction, the director now directly owns 220,522 shares in the company, valued at $18,475,333.16. This trade represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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 transaction 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. The stock has a fifty day moving average price of $91.11 and a 200 day moving average price of $87.32. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a market cap of $5.71 billion, a PE ratio of -23.14 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) EPS. Equities analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on NUVL. BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. 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 note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One equities research 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $112.60.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in Nuvalent by 23.2% in the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after buying an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Nuvalent by 62.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after acquiring an additional 1,686 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after acquiring an additional 7,420 shares during the last quarter. Arizona State Retirement System raised its position in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after acquiring an additional 1,127 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Nuvalent during the second quarter worth approximately $44,000. 97.26% of the stock is currently 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.