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 Nuvalent 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 transaction, the director now owns 1,462,198 shares of the company’s stock, valued at $101,593,517.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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 transaction of $135,020.00.
• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was 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 transaction 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 Performance

Shares of Nuvalent stock traded down $1.10 on Wednesday, hitting $67.54. The company had a trading volume of 402,741 shares, compared to its average volume of 437,238. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -31.24 and a beta of 1.35. Nuvalent, Inc. has a 1 year low of $37.13 and a 1 year high of $89.39. The stock has a 50 day moving average of $74.36 and a 200-day moving average of $71.85.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Equities analysts anticipate that Nuvalent, Inc. will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. grew its position in shares of Nuvalent by 97.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after purchasing an additional 654 shares in the last quarter. Compass Wealth Management LLC bought a new stake in Nuvalent during the 4th quarter worth approximately $63,000. SG Americas Securities LLC purchased a new stake in Nuvalent in the 1st quarter worth approximately $121,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nuvalent by 460.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after acquiring an additional 3,162 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

NUVL has been the topic of several analyst reports. Robert W. Baird initiated coverage on shares of Nuvalent in a research report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price target on the stock. BMO Capital Markets boosted their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Guggenheim assumed coverage on shares of Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target for the company. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Finally, Jefferies Financial Group assumed coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $90.78.

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.