Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $167,560.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the transaction, the director now directly owns 220,522 shares in the company, valued at $18,475,333.16. The trade was a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• 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 transaction of $192,440.00.
• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.

Nuvalent Price Performance

NUVL traded down $0.59 during trading on Thursday, reaching $82.06. 247,800 shares of the stock were exchanged, compared to its average volume of 437,034. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of -23.65 and a beta of 1.31. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The business's 50 day moving average price is $91.58 and its two-hundred day moving average price is $87.26.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the firm posted ($0.59) EPS. On average, analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. BMO Capital Markets raised their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target on the stock. Finally, Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent presently has an average rating of "Moderate Buy" and an average price target of $112.60.

Institutional Trading of Nuvalent

Several large investors have recently modified their holdings of NUVL. Bank of New York Mellon Corp lifted its stake in Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company's stock valued at $10,460,000 after buying an additional 25,966 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company's stock valued at $334,000 after acquiring an additional 1,686 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Nuvalent by 18.9% during the second quarter. Rhumbline Advisers now owns 46,611 shares of the company's stock valued at $3,536,000 after acquiring an additional 7,420 shares during the last quarter. Arizona State Retirement System increased its position in Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company's stock worth $623,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Nuvalent in the 2nd quarter valued at about $44,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.