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 Nuvalent stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. This trade represents a 9.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• 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.
• 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.

Nuvalent Stock Up 0.4 %

NASDAQ NUVL opened at $77.96 on Friday. The company has a market capitalization of $5.58 billion, a P/E ratio of -22.47 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51. The firm has a 50-day moving average price of $78.56 and a two-hundred day moving average price of $87.66.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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). Equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a report on Friday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Nuvalent in the 3rd quarter valued at approximately $1,255,000. Lord Abbett & CO. LLC raised its position in shares of Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares in the last quarter. Citigroup Inc. raised its position in shares of Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after buying an additional 12,256 shares in the last quarter. Barclays PLC raised its position in shares of Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after buying an additional 40,754 shares in the last quarter. Finally, First Turn Management LLC raised its position in shares of Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.