Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells 27,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00.
• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00.
• 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.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $77.57 on Thursday. The business has a 50-day simple moving average of $78.54 and a 200 day simple moving average of $87.78. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of -22.35 and a beta of 1.42. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. bought a new stake in Nuvalent during the 4th quarter worth approximately $27,000. Quarry LP bought a new stake in Nuvalent during the 4th quarter worth approximately $39,000. US Bancorp DE bought a new stake in Nuvalent during the 4th quarter worth approximately $90,000. GF Fund Management CO. LTD. purchased a new position in shares of Nuvalent in the 4th quarter worth approximately $108,000. Finally, KBC Group NV boosted its stake in shares of Nuvalent by 61.1% in 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 last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NUVL has been the subject of several research analyst reports. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.10.

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.