Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $165,580.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now directly owns 218,522 shares in the company, valued at approximately $18,091,436.38. This trade represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

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

• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $83.78, for a total value of $167,560.00.
• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $96.22, for a total value of $192,440.00.

Nuvalent Stock Performance

NASDAQ:NUVL traded down $1.94 during mid-day trading on Friday, hitting $85.81. 379,173 shares of the company's stock traded hands, compared to its average volume of 483,977. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a market capitalization of $6.10 billion, a P/E ratio of -24.73 and a beta of 1.38. The company has a fifty day moving average of $84.71 and a 200 day moving average of $87.79.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same period last year, the firm earned ($0.59) EPS. On average, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NUVL has been the subject of several recent research reports. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a "neutral" rating and a $100.00 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.36.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings 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 during the period. Amalgamated Bank lifted its stake in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares during the period. Marshall Wace LLP boosted its holdings in shares of Nuvalent by 1,127.1% in the 2nd quarter. Marshall Wace LLP now owns 84,081 shares of the company's stock valued at $6,378,000 after acquiring an additional 77,229 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Nuvalent in the second quarter worth $224,000. Finally, SG Americas Securities LLC raised its holdings in shares of Nuvalent by 120.1% during the third quarter. SG Americas Securities LLC now owns 7,385 shares of the company's stock worth $755,000 after purchasing an additional 4,029 shares during 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.