Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells $2,458,500.00 in 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 owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The transaction was disclosed in a filing with the SEC, which is accessible 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 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 Trading Down 0.5 %

NUVL opened at $62.76 on Friday. Nuvalent, Inc. has a 12-month low of $32.06 and a 12-month high of $89.39. The business’s fifty day simple moving average is $78.27 and its 200-day simple moving average is $70.68. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of -29.06 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted 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). On average, equities research analysts predict that Nuvalent, Inc. will post -2.93 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on NUVL. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their target price on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. BMO Capital Markets increased their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $90.78.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares in the last quarter. Renaissance Capital LLC bought a new stake in Nuvalent during the first quarter valued at about $1,301,000. Vanguard Group Inc. boosted its position in Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after purchasing an additional 1,205,668 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Nuvalent by 172.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,629 shares of the company’s stock valued at $16,089,000 after purchasing an additional 138,524 shares in the last quarter. Finally, American International Group Inc. boosted its position in Nuvalent by 10.4% during the fourth quarter. American International Group Inc. now owns 13,209 shares of the company’s stock valued at $972,000 after purchasing an additional 1,240 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

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.