Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter Sells 17,301 Shares

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $19,845,260.16. The trade was a 6.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00.
• 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 Down 2.1 %

NASDAQ NUVL opened at $76.61 on Friday. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The firm has a market capitalization of $5.44 billion, a P/E ratio of -22.08 and a beta of 1.38. The company has a 50-day moving average price of $88.18 and a 200-day moving average price of $87.25.

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

Institutional Investors Weigh In On Nuvalent

Several institutional investors have recently modified their holdings of NUVL. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. HighVista Strategies LLC lifted its stake in shares of Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after purchasing an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares in the last quarter. Quest Partners LLC acquired a new stake in Nuvalent in the second quarter valued at approximately $44,000. Finally, Arizona State Retirement System grew its stake in 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 buying an additional 1,127 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research reports. Guggenheim upped their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a 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. JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

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.