James Richard Porter Sells 27,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $19,541,404.52. This trade represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

James Richard Porter also recently made the following trade(s):

• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The stock was sold at an average price of $79.68, for a total transaction of $1,378,543.68.
• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00.

Nuvalent Trading Down 3.5 %

Shares of Nuvalent stock opened at $79.49 on Friday. The business has a 50-day moving average price of $81.31 and a two-hundred day moving average price of $88.06. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The company has a market cap of $5.65 billion, a P/E ratio of -22.91 and a beta of 1.38.

Analysts Set New Price Targets

NUVL has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Institutional Trading of Nuvalent

A number of large investors have recently bought and sold shares of NUVL. Crowley Wealth Management Inc. acquired a new stake in Nuvalent during the 4th quarter worth about $27,000. Quarry LP bought a new position in shares of Nuvalent during the 4th quarter worth about $39,000. US Bancorp DE bought a new position in shares of Nuvalent during the 4th quarter worth about $90,000. GF Fund Management CO. LTD. bought a new position in shares of Nuvalent during the 4th quarter worth about $108,000. Finally, KBC Group NV boosted its position in shares of Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after purchasing an additional 602 shares in the last quarter. 97.26% of the stock is currently 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.