Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,051,730.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,926,221.38. This trade represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The stock was 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 value of $2,338,470.00.

Nuvalent Price Performance

NUVL stock opened at $75.84 on Monday. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The firm has a market capitalization of $5.39 billion, a PE ratio of -21.86 and a beta of 1.38. The business has a 50 day simple moving average of $86.35 and a 200-day simple moving average of $87.36.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the firm posted ($0.59) earnings per share. On average, equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC boosted its holdings in Nuvalent by 62.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after purchasing an additional 1,686 shares during the last quarter. Quest Partners LLC purchased a new stake in Nuvalent in the second quarter valued at $44,000. Dimensional Fund Advisors LP lifted its stake in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Nuvalent during the 2nd quarter worth $1,191,000. Finally, Amalgamated Bank lifted its position in Nuvalent by 21.8% in 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 last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on NUVL shares. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. BMO Capital Markets lifted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush restated an “outperform” rating and set 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 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Friday. 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. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target 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.