Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $1,378,543.68 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of Nuvalent stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

James Richard Porter also recently made the following trade(s):

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00.
• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00.

Nuvalent Stock Down 2.3 %

NUVL stock traded down $1.87 during midday trading on Wednesday, reaching $78.25. 341,935 shares of the company’s stock traded hands, compared to its average volume of 471,296. The company has a 50-day simple moving average of $88.87 and a two-hundred day simple moving average of $87.41. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The company has a market cap of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last released 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 quarter last year, the company earned ($0.59) earnings per share. Equities research analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently modified their holdings of the stock. Quest Partners LLC bought a new position in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank lifted its stake in shares of 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 during the period. Portland Investment Counsel Inc. bought a new position in Nuvalent in the third quarter valued at about $205,000. Mirae Asset Global Investments Co. Ltd. increased its position in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the period. Finally, Creative Planning bought a new stake in Nuvalent during the 3rd quarter worth about $232,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on NUVL shares. Guggenheim increased their price objective on 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 boosted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $112.36.

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.