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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the sale, the director now directly owns 224,522 shares of the company’s stock, valued at $20,595,403.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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

• 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 transaction of $205,500.00.
• On Monday, August 26th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00.

Nuvalent Trading Up 0.8 %

Nuvalent stock opened at $89.22 on Friday. The company has a market cap of $5.78 billion, a P/E ratio of -32.09 and a beta of 1.29. Nuvalent, Inc. has a 1-year low of $54.37 and a 1-year high of $113.51. The company has a fifty day simple moving average of $95.89 and a 200 day simple moving average of $81.25.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the company earned ($0.51) EPS. On average, equities research analysts forecast that Nuvalent, Inc. will post -3.52 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on NUVL shares. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Wedbush increased their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets increased their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.40.

Institutional Trading of Nuvalent

A number of large investors have recently added to or reduced their stakes in NUVL. Quest Partners LLC acquired a new stake in Nuvalent in the second quarter valued at $44,000. Amalgamated Bank lifted its stake in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Nuvalent in the first quarter valued at $121,000. Allspring Global Investments Holdings LLC lifted its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new stake in Nuvalent in the first quarter valued at $202,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.