James Richard Porter Sells 17,301 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,845,260.16. The trade was a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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 stock was 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 shares were sold at an average price of $102.28, for a total value of $2,761,560.00.

Nuvalent Stock Down 2.3 %

Shares of NUVL stock opened at $78.25 on Friday. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38. The stock has a fifty day moving average of $88.43 and a 200 day moving average of $87.28. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

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

Analysts Set New Price Targets

NUVL has been the topic of a number of recent analyst reports. HC Wainwright assumed coverage on shares of Nuvalent in a research report on Monday, December 30th. They set a “buy” rating and a $110.00 target price for the company. Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $112.36.

Institutional Trading of Nuvalent

Several large investors have recently bought and sold shares of the company. Quest Partners LLC bought a new position in shares of Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank raised its holdings in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. purchased a new position in Nuvalent during the third quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Nuvalent in the 2nd quarter worth about $218,000. 97.26% of the stock is owned by institutional investors.

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.