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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the sale, the director now owns 222,522 shares in the company, valued at approximately $21,411,066.84. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.
• 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 value of $205,500.00.

Nuvalent Stock Performance

NUVL opened at $96.76 on Friday. The stock’s 50 day simple moving average is $97.19 and its 200 day simple moving average is $84.53. Nuvalent, Inc. has a 1-year low of $61.01 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the firm posted ($0.59) earnings per share. On average, equities analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. BMO Capital Markets increased their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. Finally, Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average price target of $112.60.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Amalgamated Bank increased its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. HighVista Strategies LLC grew its holdings in Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after buying an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after buying an additional 382 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Nuvalent in the second quarter worth $44,000. Finally, Arizona State Retirement System lifted its position in shares of Nuvalent by 15.9% in the second quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after acquiring an additional 1,127 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.