Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $192,440.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, November 25th. The shares were sold at an average price of $96.22, for a total value of $192,440.00. Following the transaction, the director now owns 222,522 shares in the company, valued at $21,411,066.84. This represents a 0.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $91.73, for a total value of $183,460.00.
• On Monday, September 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $102.75, for a total value of $205,500.00.

Nuvalent Stock Performance

NUVL opened at $96.68 on Friday. The firm has a market cap of $6.87 billion, a P/E ratio of -27.86 and a beta of 1.33. The business has a 50 day moving average price of $97.06 and a 200 day moving average price of $84.62. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51.

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

Analyst Ratings Changes

A number of brokerages recently commented on NUVL. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim increased 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. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. UBS Group assumed coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently bought and sold shares of the company. FMR LLC increased its stake in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Vanguard Group Inc. grew its holdings in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the last quarter. Wellington Management Group LLP increased its position in Nuvalent by 65.5% in the 3rd 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 during the period. Geode Capital Management LLC lifted its holdings in shares of Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after buying an additional 73,429 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after acquiring an additional 23,730 shares during the period. 97.26% of the stock is currently owned by 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.