Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells 37,500 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the completion of the transaction, the director now owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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 stock was sold at an average price of $76.92, for a total transaction of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00.

Nuvalent Stock Down 0.8 %

Nuvalent stock traded down $0.50 during mid-day trading on Wednesday, reaching $64.25. 587,403 shares of the company’s stock traded hands, compared to its average volume of 432,178. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -29.84 and a beta of 1.29. The stock has a 50 day moving average of $79.30 and a two-hundred day moving average of $70.66. Nuvalent, Inc. has a 12-month low of $29.25 and a 12-month high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, sell-side analysts forecast that Nuvalent, Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in Nuvalent by 1.4% during the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after acquiring an additional 139 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Nuvalent by 41.0% during the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after acquiring an additional 187 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Nuvalent by 3.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock valued at $323,000 after acquiring an additional 210 shares during the last quarter. Teacher Retirement System of Texas increased its position in Nuvalent by 4.8% during the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company’s stock valued at $269,000 after acquiring an additional 269 shares during the last quarter. Finally, Amalgamated Bank increased its position in Nuvalent by 8.1% during the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after acquiring an additional 285 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analysts Set New Price Targets

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

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.