James Richard Porter Sells 27,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $19,541,404.52. This represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 transaction 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 transaction of $1,378,543.68.
• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00.

Nuvalent Stock Up 2.7 %

Nuvalent stock traded up $2.13 during midday trading on Thursday, hitting $82.39. 327,101 shares of the stock were exchanged, compared to its average volume of 475,365. The company has a fifty day simple moving average of $81.55 and a two-hundred day simple moving average of $88.05. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The stock has a market capitalization of $5.85 billion, a PE ratio of -23.74 and a beta of 1.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NUVL. Creative Planning bought a new position in Nuvalent during the 3rd quarter worth approximately $232,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Nuvalent by 64.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,417 shares of the company’s stock worth $1,168,000 after acquiring an additional 4,472 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Nuvalent by 29.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock worth $2,201,000 after acquiring an additional 4,957 shares during the last quarter. Finally, AlphaCentric Advisors LLC bought a new position in Nuvalent during the 3rd quarter worth approximately $716,000. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

NUVL has been the subject of several research reports. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group initiated coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. BMO Capital Markets raised their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and an average target price of $112.36.

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.