Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair Sells 2,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the completion of the transaction, the director now owns 230,522 shares in the company, valued at $18,347,245.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, June 24th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $80.22, for a total value of $160,440.00.
• 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.

Nuvalent Trading Up 2.6 %

NUVL opened at $79.94 on Thursday. The business’s fifty day moving average is $76.21 and its two-hundred day moving average is $75.84. Nuvalent, Inc. has a one year low of $39.86 and a one year high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results 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). Analysts forecast that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NUVL. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday. Jefferies Financial Group began coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research note on Monday, July 22nd. Finally, Stifel Nicolaus lifted their price target on Nuvalent from $103.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $96.33.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors have recently made changes to their positions in NUVL. Darwin Global Management Ltd. raised its holdings in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Nuvalent by 56.5% in the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after acquiring an additional 1,205,668 shares during the last quarter. Commodore Capital LP raised its holdings in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Perceptive Advisors LLC increased its stake in Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after purchasing an additional 454,540 shares during the last quarter. Finally, First Turn Management LLC acquired a new position in Nuvalent in the fourth quarter valued at $18,831,000. 97.26% of the stock is 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.