Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $2,386,875.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $63.65, for a total value of $2,386,875.00. Following the transaction, the director now directly owns 1,537,198 shares in the company, valued at approximately $97,842,652.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Matthew Shair also recently made the following trade(s):

• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $76.92, for a total transaction of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00.

Nuvalent Stock Up 1.2 %

NASDAQ:NUVL opened at $66.86 on Friday. The company has a market capitalization of $4.28 billion, a PE ratio of -30.95 and a beta of 1.29. Nuvalent, Inc. has a 52-week low of $33.03 and a 52-week high of $89.39. The stock has a fifty day simple moving average of $76.53 and a 200-day simple moving average of $70.98.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities analysts anticipate that Nuvalent, Inc. will post -2.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Nuvalent by 1.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after purchasing an additional 139 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Nuvalent by 3.1% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock valued at $323,000 after buying an additional 210 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of Nuvalent by 4.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company’s stock worth $269,000 after purchasing an additional 269 shares during the period. Finally, Amalgamated Bank grew its holdings in shares of Nuvalent by 8.1% during the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after purchasing an additional 285 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NUVL. Jefferies Financial Group started coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and raised their price target for the company from $69.00 to $110.00 in a report on Monday, April 1st. Guggenheim began coverage on Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. Finally, BMO Capital Markets upped their price target on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.78.

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.