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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $96.22, for a total transaction of $192,440.00. Following the completion of the sale, the director now owns 222,522 shares in the company, valued at $21,411,066.84. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00.
• On Monday, September 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00.

Nuvalent Trading Up 0.5 %

NASDAQ:NUVL opened at $96.76 on Thursday. The stock has a 50 day simple moving average of $97.30 and a 200 day simple moving average of $84.45. The stock has a market cap of $6.87 billion, a P/E ratio of -27.88 and a beta of 1.33. Nuvalent, Inc. has a 1-year low of $61.01 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NUVL shares. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. BMO Capital Markets upped their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Guggenheim raised their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank grew its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new position in Nuvalent during the 1st quarter worth $202,000. Portland Investment Counsel Inc. acquired a new position in Nuvalent in the 3rd quarter valued at $205,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the period. Institutional investors and hedge funds 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.