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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This represents a 0.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $96.22, for a total transaction of $192,440.00.
• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $91.73, for a total value of $183,460.00.

Nuvalent Trading Down 0.7 %

Shares of NUVL stock opened at $82.06 on Friday. The stock has a 50 day simple moving average of $91.58 and a 200 day simple moving average of $87.26. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The stock has a market cap of $5.83 billion, a P/E ratio of -23.65 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) earnings per share. Analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank lifted its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new position in shares of Nuvalent during the 2nd quarter worth $218,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NUVL. Stifel Nicolaus raised their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim increased 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. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.60.

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.