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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on 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 $15,967,600.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were 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 transaction 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 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 stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $70.65 on Thursday. The business’s 50 day simple moving average is $75.90 and its 200 day simple moving average is $71.25. Nuvalent, Inc. has a 52-week low of $35.71 and a 52-week high of $89.39.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities analysts forecast that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NUVL shares. Robert W. Baird started coverage on shares of Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price for the company. Wedbush restated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. 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. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $69.00 to $110.00 in a research note on Monday, April 1st. Finally, Jefferies Financial Group initiated coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NUVL. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 56.5% during the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after buying an additional 1,205,668 shares during the last quarter. Perceptive Advisors LLC raised its holdings in Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares in the last quarter. Commodore Capital LP boosted its position in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after purchasing an additional 502,259 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Nuvalent by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock valued at $20,888,000 after purchasing an additional 18,263 shares during the last quarter. Finally, First Turn Management LLC bought a new position in Nuvalent in the fourth quarter valued at approximately $18,831,000. Institutional investors 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.