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 firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $1,378,543.68. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $19,845,260.16. This represents a 6.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 transaction 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 transaction of $2,761,560.00.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $78.25 on Thursday. The firm has a market capitalization of $5.56 billion, a P/E ratio of -22.55 and a beta of 1.38. The business’s 50-day moving average is $88.63 and its 200 day moving average is $87.34. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its 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 business posted ($0.59) EPS. On average, analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analysts Set New Price Targets

NUVL has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price 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. Guggenheim raised their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. HC Wainwright assumed coverage on Nuvalent in a report on Monday, December 30th. They issued a “buy” rating and a $110.00 price objective for the company. Finally, UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $112.36.

Institutional Investors Weigh In On Nuvalent

Large investors have recently made changes to their positions in the stock. FMR LLC grew its holdings in Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after acquiring an additional 786,257 shares during the period. Wellington Management Group LLP grew its holdings in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after buying an additional 400,402 shares in the last quarter. Geode Capital Management LLC grew its stake in Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after acquiring an additional 73,429 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after buying an additional 23,730 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in Nuvalent by 8.6% during the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after buying an additional 49,612 shares in the last quarter. 97.26% of the stock is 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.