Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $195,500,000.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) Director James E. Flynn sold 2,000,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Nuvalent Stock Performance

Shares of NUVL stock traded down $0.08 during trading on Thursday, hitting $93.63. 628,256 shares of the company were exchanged, compared to its average volume of 436,351. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -33.71 and a beta of 1.29. The business's 50-day simple moving average is $94.09 and its 200 day simple moving average is $80.20. Nuvalent, Inc. has a twelve month low of $49.02 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the business posted ($0.51) EPS. On average, equities analysts forecast that Nuvalent, Inc. will post -3.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group began coverage on shares of Nuvalent in a report on Thursday. They set a "neutral" rating and a $100.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Lifesci Capital raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Finally, Wedbush raised their target price on shares of Nuvalent from $99.00 to $115.00 and gave the stock an "outperform" rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $112.40.

Institutional Trading of Nuvalent

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC bought a new position in Nuvalent during the second quarter valued at approximately $44,000. Amalgamated Bank raised its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC bought a new position in Nuvalent during the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC raised its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock valued at $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in Nuvalent during the first quarter valued at approximately $202,000. 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.

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