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 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 completion of the transaction, the director now directly owns 1,462,198 shares in the company, valued at approximately $101,593,517.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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 shares were 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 shares were 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 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 Stock Down 1.6 %

NASDAQ:NUVL opened at $67.54 on Thursday. Nuvalent, Inc. has a 52 week low of $37.13 and a 52 week high of $89.39. The stock has a market capitalization of $4.33 billion, a PE ratio of -31.27 and a beta of 1.35. The stock’s 50-day moving average price is $74.00 and its 200-day moving average price is $71.82.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Sell-side analysts expect that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent research reports. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. Wedbush reiterated an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a report on Tuesday, February 27th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. 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. Finally, Robert W. Baird started coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Hudson Bay Capital Management LP raised its position in Nuvalent by 43.2% in the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after purchasing an additional 12,955 shares during the period. Rafferty Asset Management LLC grew its stake in shares of Nuvalent by 18.9% in the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after acquiring an additional 15,197 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Nuvalent by 49.8% in the third quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after acquiring an additional 6,714 shares in the last quarter. Invesco Ltd. grew its stake in shares of Nuvalent by 51.2% in the third quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after acquiring an additional 70,673 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Nuvalent by 196.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after acquiring an additional 131,296 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.