James Richard Porter Sells 27,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 stock was 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 value 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 Trading Down 1.1 %

NUVL stock traded down $0.82 during midday trading on Monday, reaching $77.14. The stock had a trading volume of 428,656 shares, compared to its average volume of 460,409. The company's fifty day simple moving average is $78.66 and its 200 day simple moving average is $87.65. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -22.23 and a beta of 1.42. Nuvalent, Inc. has a 52-week low of $61.80 and a 52-week high of $113.51.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Sell-side analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analyst Weigh In

NUVL has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Friday, March 14th. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.10.

Institutional Trading of Nuvalent

A number of institutional investors have recently bought and sold shares of NUVL. Crowley Wealth Management Inc. acquired a new position in Nuvalent during the fourth quarter worth approximately $27,000. Quarry LP acquired a new stake in shares of Nuvalent during the 4th quarter valued at approximately $39,000. US Bancorp DE purchased a new stake in Nuvalent during the fourth quarter worth $90,000. GF Fund Management CO. LTD. acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $108,000. Finally, KBC Group NV boosted its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.