Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair Sells 37,500 Shares

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at $129,526,190.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, December 28th, Matthew Shair sold 48,548 shares of Nuvalent stock. The shares were sold at an average price of $75.46, for a total value of $3,663,432.08.

Nuvalent Stock Performance

NASDAQ NUVL opened at $76.64 on Thursday. The company has a fifty day moving average of $81.09 and a 200 day moving average of $68.02. Nuvalent, Inc. has a 1 year low of $23.09 and a 1 year high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced 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). As a group, analysts predict that Nuvalent, Inc. will post -2.96 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NUVL. Tower Research Capital LLC TRC raised its position in shares of Nuvalent by 41.0% in the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after buying an additional 187 shares during the last quarter. Amundi purchased a new stake in Nuvalent during the fourth quarter worth approximately $34,000. KBC Group NV purchased a new stake in Nuvalent during the fourth quarter worth approximately $52,000. Metropolitan Life Insurance Co NY boosted its stake in shares of Nuvalent by 22.8% in the second quarter. Metropolitan Life Insurance Co NY now owns 1,325 shares of the company’s stock valued at $56,000 after purchasing an additional 246 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after acquiring an additional 654 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on NUVL. JPMorgan Chase & Co. lifted their price target 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 upped their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Robert W. Baird initiated coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. Finally, Leerink Partnrs reiterated a “market perform” rating on shares of Nuvalent in a report on Thursday, February 22nd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.50.

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.