Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair 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, May 6th. The stock was sold at an average price of $69.48, for a total value of $2,605,500.00. Following the transaction, the director now directly owns 1,462,198 shares of the company’s stock, valued at approximately $101,593,517.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, April 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $67.51, for a total value of $135,020.00.
• 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 value of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was 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 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 Stock Down 1.6 %

NASDAQ:NUVL opened at $67.54 on Thursday. The stock’s 50-day simple moving average is $74.00 and its 200 day simple moving average is $71.82. The firm has a market capitalization of $4.33 billion, a PE ratio of -31.27 and a beta of 1.35. Nuvalent, Inc. has a twelve month low of $37.13 and a twelve month high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data 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). On average, analysts anticipate that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NUVL. 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. Jefferies Financial Group began coverage on Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. Wedbush reissued an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a report on Tuesday, February 27th. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Finally, SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and increased their price target for the company from $69.00 to $110.00 in a research note on Monday, April 1st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Trading of Nuvalent

Hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after purchasing an additional 654 shares in the last quarter. Compass Wealth Management LLC acquired a new position in shares of Nuvalent in the fourth quarter worth approximately $63,000. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the first quarter worth approximately $121,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Nuvalent by 9.2% in the first 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nuvalent by 460.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after acquiring an additional 3,162 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.