Matthew Shair Sells 2,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the sale, the director now owns 218,522 shares in the company, valued at $18,091,436.38. This represents a 0.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $83.78, for a total value of $167,560.00.
• 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 value of $192,440.00.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $0.17 during trading hours on Wednesday, reaching $85.52. 356,149 shares of the stock were exchanged, compared to its average volume of 537,703. The stock’s fifty day simple moving average is $85.11 and its 200 day simple moving average is $87.70. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The firm has a market capitalization of $6.08 billion, a price-to-earnings ratio of -24.65 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the business earned ($0.59) earnings per share. Research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. 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 note on Friday, October 4th. UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. BMO Capital Markets boosted 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. Finally, Wedbush reissued an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. KBC Group NV increased its position in Nuvalent by 61.1% in the 4th 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 period. Portland Investment Counsel Inc. bought a new position in shares of Nuvalent during the third quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. raised its position in Nuvalent by 21.6% during the 3rd 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 last quarter. Finally, Algert Global LLC bought a new stake in shares of Nuvalent in the 2nd quarter valued at about $224,000. 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.