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

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

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

Nuvalent Stock Up 2.7 %

Shares of NUVL stock opened at $82.39 on Friday. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The firm has a 50 day moving average of $81.46 and a 200-day moving average of $88.01.

Analyst Ratings Changes

Several analysts have weighed in on NUVL shares. HC Wainwright reiterated a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. BMO Capital Markets boosted their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, UBS Group started coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Institutional Trading of Nuvalent

Hedge funds have recently bought and sold shares of the business. Crowley Wealth Management Inc. acquired a new position in Nuvalent during the fourth quarter worth $27,000. Quarry LP acquired a new position in shares of Nuvalent during the fourth quarter valued at about $39,000. US Bancorp DE bought a new stake in shares of Nuvalent during the fourth quarter worth about $90,000. GF Fund Management CO. LTD. acquired a new stake in shares of Nuvalent in the 4th quarter worth about $108,000. Finally, KBC Group NV lifted its position in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. Institutional investors and hedge funds 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.