Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $183,460.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $91.73, for a total transaction of $183,460.00. Following the transaction, the director now owns 224,522 shares in the company, valued at approximately $20,595,403.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Matthew Shair also recently made the following trade(s):

• On Monday, September 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00.
• On Monday, August 26th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00.

Nuvalent Stock Up 0.8 %

NASDAQ:NUVL opened at $89.22 on Friday. The firm has a market cap of $5.78 billion, a PE ratio of -32.09 and a beta of 1.29. Nuvalent, Inc. has a 12 month low of $54.37 and a 12 month high of $113.51. The company’s 50-day moving average price is $95.89 and its two-hundred day moving average price is $81.25.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) EPS. On average, research analysts expect that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after purchasing an additional 72,222 shares in the last quarter. Darwin Global Management Ltd. lifted its position in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares in the last quarter. Fred Alger Management LLC lifted its position in shares of Nuvalent by 6.2% during the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after purchasing an additional 33,758 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after purchasing an additional 155,276 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NUVL has been the topic of several research reports. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets upped their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. Finally, Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $112.40.

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.