Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,338,470.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00.

Nuvalent Trading Down 5.3 %

Shares of NASDAQ:NUVL traded down $4.65 on Wednesday, reaching $83.45. 395,984 shares of the company traded hands, compared to its average volume of 434,690. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The business’s 50-day simple moving average is $94.31 and its 200 day simple moving average is $87.01. The stock has a market capitalization of $5.93 billion, a P/E ratio of -24.05 and a beta of 1.31.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on NUVL. JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Barclays started coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC bought a new position in Nuvalent in the 2nd quarter worth $44,000. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the period. Portland Investment Counsel Inc. bought a new position in Nuvalent in the third quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% in 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 during the period. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Nuvalent in the second quarter worth about $218,000. Institutional investors own 97.26% of the company’s stock.

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.