Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,048,490.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,896,333.94. The trade was a 9.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

James Richard Porter also recently made the following trade(s):

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00.
• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68.

Nuvalent Price Performance

Shares of NUVL traded up $0.91 during mid-day trading on Wednesday, hitting $77.57. 304,281 shares of the company’s stock were exchanged, compared to its average volume of 457,992. The company has a market cap of $5.55 billion, a PE ratio of -22.35 and a beta of 1.42. Nuvalent, Inc. has a 52 week low of $61.80 and a 52 week high of $113.51. The company has a 50-day simple moving average of $78.56 and a 200 day simple moving average of $87.85.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the stock. Crowley Wealth Management Inc. bought a new position in Nuvalent in the fourth quarter valued at approximately $27,000. Quarry LP bought a new position in Nuvalent in the fourth quarter valued at approximately $39,000. US Bancorp DE bought a new position in shares of Nuvalent in the fourth quarter valued at $90,000. GF Fund Management CO. LTD. bought a new position in shares of Nuvalent in the fourth quarter valued at $108,000. Finally, KBC Group NV grew its stake in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after buying an additional 602 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NUVL. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.10.

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.