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

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. This represents a 9.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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 transaction 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.
• 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.

Nuvalent Trading Down 3.5 %

Nuvalent stock opened at $79.49 on Friday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The firm has a 50-day moving average of $81.31 and a 200-day moving average of $88.18. The firm has a market cap of $5.65 billion, a P/E ratio of -22.91 and a beta of 1.38.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after buying an additional 786,257 shares during the period. Paradigm Biocapital Advisors LP lifted its holdings in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after buying an additional 363,379 shares during the period. Vanguard Group Inc. lifted its holdings in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after buying an additional 366,239 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock worth $101,601,000 after buying an additional 215,633 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock worth $100,557,000 after buying an additional 272,738 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NUVL has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Nuvalent has a consensus 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.