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 stock in a transaction on Monday, May 6th. The shares were sold at an average price of $69.48, for a total transaction of $2,605,500.00. Following the transaction, the director now owns 1,462,198 shares in the company, valued at $101,593,517.04. 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 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 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 stock was 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 value 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 value 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 transaction of $2,878,875.00.

Nuvalent Stock Performance

Shares of NUVL opened at $67.52 on Friday. The firm’s 50 day moving average price is $73.67 and its 200 day moving average price is $71.79. Nuvalent, Inc. has a twelve month low of $37.95 and a twelve month high of $89.39. The firm has a market cap of $4.33 billion, a PE ratio of -31.26 and a beta of 1.35.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, sell-side analysts anticipate that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors have recently made changes to their positions in the business. Compass Wealth Management LLC acquired a new stake in Nuvalent in the 4th quarter valued at approximately $63,000. China Universal Asset Management Co. Ltd. boosted its position 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 acquiring an additional 654 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the first quarter worth $121,000. Allspring Global Investments Holdings LLC increased its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the period. Finally, Exchange Traded Concepts LLC increased its position in Nuvalent by 33.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after acquiring an additional 750 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of research reports. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Guggenheim began coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective for the company. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. BMO Capital Markets upped their price target on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Finally, Robert W. Baird assumed coverage on Nuvalent in a research report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.