Matthew Shair Sells 37,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now directly owns 1,574,698 shares in the company, valued at $103,237,200.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Stock Down 1.9 %

NASDAQ NUVL opened at $63.06 on Friday. The stock’s 50-day moving average price is $78.66 and its 200-day moving average price is $70.56. Nuvalent, Inc. has a 52 week low of $31.09 and a 52 week high of $89.39. The company has a market capitalization of $4.04 billion, a P/E ratio of -29.19 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Research analysts anticipate that Nuvalent, Inc. will post -2.93 EPS for the current year.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP raised its stake in Nuvalent by 43.2% during the 3rd quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after purchasing an additional 12,955 shares during the period. Rafferty Asset Management LLC raised its stake in Nuvalent by 18.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after purchasing an additional 15,197 shares during the period. New York State Common Retirement Fund raised its stake in Nuvalent by 49.8% during the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after purchasing an additional 6,714 shares during the period. Invesco Ltd. increased its stake in Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after acquiring an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Nuvalent by 196.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after acquiring an additional 131,296 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NUVL. BMO Capital Markets raised their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Wedbush reissued an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research report on Tuesday, February 27th. Guggenheim began coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price on the stock. Robert W. Baird began coverage on Nuvalent in a research report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.78.

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.