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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the sale, the director now owns 224,522 shares in the company, valued at approximately $20,595,403.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, September 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $102.75, for a total value of $205,500.00.
• On Monday, August 26th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00.

Nuvalent Price Performance

NUVL stock opened at $88.49 on Friday. The firm has a 50 day simple moving average of $95.81 and a two-hundred day simple moving average of $81.08. The stock has a market cap of $5.73 billion, a PE ratio of -31.83 and a beta of 1.29. Nuvalent, Inc. has a one year low of $49.02 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the company posted ($0.51) earnings per share. On average, research analysts expect that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wedbush upped their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Guggenheim boosted their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. UBS Group initiated coverage on Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Finally, BMO Capital Markets lifted 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 investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.40.

Institutional Trading of Nuvalent

Several hedge funds have recently added to or reduced their stakes in the business. Edgestream Partners L.P. bought a new position in shares of Nuvalent in the second quarter worth approximately $1,191,000. Seven Eight Capital LP purchased a new position in shares of Nuvalent in the 1st quarter valued at approximately $1,172,000. Vanguard Group Inc. grew its stake in Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after purchasing an additional 72,222 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after buying an additional 155,276 shares in the last quarter. Finally, Samlyn Capital LLC bought a new stake in Nuvalent during the second quarter worth about $17,397,000. 97.26% of the stock is owned by institutional investors.

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.