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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the transaction, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, August 26th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $84.46, for a total value of $168,920.00.
• On Monday, July 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $79.59, for a total value of $159,180.00.

Nuvalent Stock Down 0.8 %

NUVL traded down $0.85 during midday trading on Wednesday, reaching $100.45. The company had a trading volume of 347,410 shares, compared to its average volume of 437,537. The business has a 50-day moving average of $83.10 and a two-hundred day moving average of $76.67. The company has a market cap of $6.48 billion, a P/E ratio of -42.03 and a beta of 1.28. Nuvalent, Inc. has a 1 year low of $41.16 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period last year, the firm posted ($0.51) earnings per share. On average, equities research analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current year.

Analyst Ratings Changes

NUVL has been the topic of several recent research reports. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Wedbush upped their price target on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, September 16th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Finally, BMO Capital Markets increased their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $111.00.

Institutional Trading of Nuvalent

Several institutional investors have recently made changes to their positions in NUVL. Darwin Global Management Ltd. lifted its holdings in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after buying an additional 1,205,668 shares during the last quarter. Commodore Capital LP lifted its holdings in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares in the last quarter. Perceptive Advisors LLC boosted its position in shares of Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new position in Nuvalent during the second quarter valued at $17,397,000. Hedge funds and other institutional investors 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.