Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $135,020.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $67.51, for a total value of $135,020.00. Following the sale, the director now owns 236,522 shares in the company, valued at $15,967,600.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was 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 stock was 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 shares were sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Stock Down 3.0 %

NUVL stock opened at $70.35 on Friday. The stock has a market cap of $4.51 billion, a PE ratio of -32.57 and a beta of 1.35. The firm’s 50-day simple moving average is $75.45 and its 200 day simple moving average is $71.25. Nuvalent, Inc. has a fifty-two week low of $36.51 and a fifty-two week high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its 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). Equities analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NUVL. Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price for the company. JPMorgan Chase & Co. lifted their price objective 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 initiated coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research report on Tuesday, February 27th. Finally, SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $69.00 to $110.00 in a research report on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. boosted its position in Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after acquiring an additional 654 shares during the period. Compass Wealth Management LLC bought a new stake in shares of Nuvalent during the fourth quarter valued at about $63,000. Allspring Global Investments Holdings LLC raised 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 purchasing an additional 189 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nuvalent by 460.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after purchasing an additional 3,162 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in Nuvalent by 33.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after buying an additional 750 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.