Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $156,860.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, January 27th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00.
• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $83.78, for a total value of $167,560.00.

Nuvalent Stock Performance

NASDAQ NUVL opened at $74.91 on Friday. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The business’s fifty day moving average is $80.56 and its two-hundred day moving average is $88.25. The stock has a market capitalization of $5.32 billion, a P/E ratio of -21.59 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Friday, January 17th. BMO Capital Markets raised their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.10.

Institutional Trading of Nuvalent

Hedge funds have recently bought and sold shares of the company. Summit Investment Advisors Inc. raised its holdings in shares of Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after acquiring an additional 167 shares during the period. Parkman Healthcare Partners LLC grew its position in Nuvalent by 0.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock worth $1,846,000 after purchasing an additional 188 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after purchasing an additional 309 shares during the period. HighVista Strategies LLC raised its stake in Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after purchasing an additional 320 shares during the period. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of Nuvalent in the fourth quarter valued at $27,000. 97.26% of the stock is owned by hedge funds and other 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.