Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $1,861,380.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $17,170,334.28. This trade represents a 9.78 % decrease in their position. The transaction 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 Monday, March 17th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00.
• 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 transaction of $2,118,420.00.

Nuvalent Stock Up 2.4 %

Shares of Nuvalent stock traded up $1.67 on Thursday, reaching $71.64. 676,934 shares of the stock were exchanged, compared to its average volume of 478,020. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of -20.65 and a beta of 1.43. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The business has a 50 day moving average price of $73.23 and a two-hundred day moving average price of $84.03.

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

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently bought and sold shares of the business. Paradigm Biocapital Advisors LP raised its stake in shares of Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after buying an additional 363,379 shares during the period. Vanguard Group Inc. lifted its holdings in Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock valued at $101,601,000 after purchasing an additional 215,633 shares during the period. Wellington Management Group LLP grew its position in shares of Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after purchasing an additional 272,738 shares during the period. Finally, Woodline Partners LP increased its stake in shares of Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company’s stock worth $94,322,000 after purchasing an additional 11,248 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on NUVL shares. HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Friday, March 14th. Finally, Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $113.44.

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.