Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $160,440.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, May 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $67.22, for a total value of $134,440.00.
• On Monday, May 13th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $65.84, for a total value of $2,469,000.00.
• On Monday, May 6th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $69.48, for a total value of $2,605,500.00.
• On Monday, April 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $67.51, for a total transaction of $135,020.00.
• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $63.65, for a total transaction of $2,386,875.00.
• 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 transaction of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total transaction 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.

Nuvalent Stock Down 1.4 %

NASDAQ NUVL opened at $75.86 on Friday. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of -31.48 and a beta of 1.27. Nuvalent, Inc. has a twelve month low of $38.78 and a twelve month high of $89.39. The stock has a fifty day simple moving average of $72.03 and a 200 day simple moving average of $75.24.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). Research analysts expect that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on NUVL. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $69.00 to $110.00 in a report on Monday, April 1st. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Jefferies Financial Group began coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a report on Friday, May 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Darwin Global Management Ltd. boosted its position in Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new stake in Nuvalent during the first quarter valued at $202,000. Seven Eight Capital LP bought a new stake in Nuvalent during the first quarter valued at $1,172,000. Vanguard Group Inc. boosted its position in Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after acquiring an additional 72,222 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in Nuvalent by 10.3% during the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after acquiring an additional 830 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.