Matthew Shair Sells 37,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the completion of the transaction, the director now directly owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• 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 stock was sold at an average price of $76.92, for a total transaction of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00.

Nuvalent Trading Down 1.7 %

Shares of NASDAQ:NUVL opened at $66.07 on Friday. The firm’s 50 day moving average is $76.92 and its two-hundred day moving average is $70.95. Nuvalent, Inc. has a 52 week low of $33.03 and a 52 week high of $89.39. The firm has a market capitalization of $4.23 billion, a P/E ratio of -30.59 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Analysts predict that Nuvalent, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently made changes to their positions in NUVL. China Universal Asset Management Co. Ltd. increased its stake in shares of Nuvalent by 97.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after purchasing an additional 654 shares during the period. Compass Wealth Management LLC acquired a new position in shares of Nuvalent during the fourth quarter valued at approximately $63,000. Allspring Global Investments Holdings LLC increased its stake in shares of Nuvalent by 9.2% during 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 period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nuvalent by 460.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after acquiring an additional 3,162 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of Nuvalent by 33.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after acquiring an additional 750 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. BMO Capital Markets increased their price target on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. Guggenheim assumed coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target on the stock. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

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.