Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,761,560.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Nuvalent Trading Down 2.5 %

NASDAQ NUVL traded down $2.65 on Thursday, hitting $102.16. 184,115 shares of the company were exchanged, compared to its average volume of 433,850. The company has a market cap of $6.60 billion, a PE ratio of -43.49 and a beta of 1.29. Nuvalent, Inc. has a 12 month low of $49.02 and a 12 month high of $113.51. The stock has a fifty day moving average of $91.10 and a 200-day moving average of $79.24.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wedbush lifted their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $113.78.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NUVL. Darwin Global Management Ltd. raised its holdings in Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Nuvalent by 56.5% in the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after purchasing an additional 1,205,668 shares during the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nuvalent in the second quarter valued at about $17,397,000. Logos Global Management LP purchased a new stake in shares of Nuvalent in the second quarter valued at about $14,793,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.