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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the 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 transaction, the director now owns 236,522 shares of the company’s stock, valued at approximately $15,967,600.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 stock was 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 Price Performance

NUVL opened at $70.65 on Thursday. The business’s fifty 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 announced its quarterly earnings data 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). As a group, analysts expect that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings 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 valued at $245,780,000 after purchasing an additional 1,205,668 shares during the last quarter. Commodore Capital LP grew its stake in shares of 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 buying an additional 502,259 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after buying an additional 454,540 shares during the period. First Turn Management LLC bought a new stake in shares of Nuvalent in the 4th quarter valued at about $18,831,000. Finally, Vestal Point Capital LP purchased a new stake in Nuvalent during the 4th quarter valued at about $14,718,000. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of analyst reports. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. BMO Capital Markets boosted their price target on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Jefferies Financial Group initiated coverage on Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. Finally, Guggenheim started coverage on Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.