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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Monday, January 27th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00.
• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00.

Nuvalent Stock Performance

Shares of NUVL traded down $2.14 during trading hours on Tuesday, hitting $75.89. The company had a trading volume of 397,207 shares, compared to its average volume of 467,500. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51. The firm has a fifty day moving average price of $81.13 and a 200-day moving average price of $88.38. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of -21.87 and a beta of 1.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NUVL. Boxer Capital Management LLC bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $87,689,000. FMR LLC increased its holdings in shares of Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Vestal Point Capital LP purchased a new position in shares of Nuvalent in the fourth quarter worth $46,968,000. Polar Capital Holdings Plc lifted its holdings in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock valued at $74,109,000 after purchasing an additional 584,223 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after buying an additional 400,402 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

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.