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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $67.51, for a total transaction of $135,020.00. Following the sale, the director now directly owns 236,522 shares of the company’s stock, valued at approximately $15,967,600.22. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $68.44, for a total transaction 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 Trading Down 3.0 %

NUVL opened at $70.35 on Friday. The company has a fifty day moving average price of $75.45 and a two-hundred day moving average price of $71.25. Nuvalent, Inc. has a 1-year low of $36.51 and a 1-year high of $89.39. The company has a market cap of $4.51 billion, a P/E ratio of -32.57 and a beta of 1.35.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a report on Tuesday, February 27th. BMO Capital Markets increased their price objective on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Guggenheim started coverage on Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 target price on the stock. Finally, Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.78.

Institutional Trading of Nuvalent

Several hedge funds have recently bought and sold shares of NUVL. China Universal Asset Management Co. Ltd. lifted its stake in shares of Nuvalent by 97.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after buying an additional 654 shares in the last quarter. Compass Wealth Management LLC bought a new stake in shares of Nuvalent during the fourth quarter worth about $63,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nuvalent by 460.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after acquiring an additional 3,162 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after purchasing an additional 750 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.