Nuvalent (NASDAQ:NUVL) Director Sells $70,871,262.56 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director James Flynn sold 742,574 shares of Nuvalent stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $95.44, for a total value of $70,871,262.56. Following the sale, the director directly owned 8,299,225 shares in the company, valued at approximately $792,078,034. The trade was a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Nuvalent Trading Up 3.4%

NUVL traded up $3.65 on Monday, hitting $109.53. 716,948 shares of the company’s stock traded hands, compared to its average volume of 785,478. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of -20.59 and a beta of 1.31. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $112.88. The company’s 50 day simple moving average is $91.31 and its 200-day simple moving average is $82.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the company posted ($1.28) EPS. As a group, equities analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NUVL has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvalent in a report on Wednesday, October 8th. Barclays set a $152.00 price target on Nuvalent in a research note on Monday, November 17th. The Goldman Sachs Group raised their price objective on shares of Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Cantor Fitzgerald started coverage on Nuvalent in a report on Wednesday, October 15th. They issued an “overweight” rating and a $135.00 target price on the stock. Finally, Raymond James Financial began coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price objective for the company. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $137.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC grew its position in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after buying an additional 359 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Nuvalent in the third quarter valued at about $38,000. Eastern Bank acquired a new position in Nuvalent during the 3rd quarter valued at about $52,000. Covestor Ltd increased its holdings in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after purchasing an additional 861 shares during the last quarter. Finally, Persistent Asset Partners Ltd acquired a new stake in Nuvalent in the second quarter worth $88,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.