Nuvalent (NASDAQ:NUVL) CEO Sells $2,036,340.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $75.42, for a total value of $2,036,340.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company’s stock, valued at approximately $18,784,256.04. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, July 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $73.65 on Friday. The stock has a market capitalization of $5.31 billion, a PE ratio of -15.03 and a beta of 1.30. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $113.51. The business’s fifty day moving average price is $78.60 and its 200-day moving average price is $75.66.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the firm earned ($0.88) earnings per share. As a group, equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NUVL shares. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, June 30th. HC Wainwright restated a “buy” rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Robert W. Baird raised their price target on Nuvalent from $105.00 to $112.00 and gave the stock an “outperform” rating in a report on Wednesday, June 25th. Finally, Leerink Partners boosted their price objective on Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat, Nuvalent has an average rating of “Buy” and a consensus price target of $118.91.

Institutional Investors Weigh In On Nuvalent

Large investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new position in Nuvalent during the second quarter worth about $329,000. Tower Research Capital LLC TRC boosted its position in shares of Nuvalent by 23.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company’s stock valued at $240,000 after acquiring an additional 588 shares during the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of Nuvalent by 12.9% during the second quarter. E Fund Management Co. Ltd. now owns 5,401 shares of the company’s stock worth $412,000 after purchasing an additional 616 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Nuvalent by 130.7% in the second quarter. BNP Paribas Financial Markets now owns 135,613 shares of the company’s stock worth $10,347,000 after purchasing an additional 76,834 shares during the last quarter. Finally, Braidwell LP increased its position in shares of Nuvalent by 39.8% in the second quarter. Braidwell LP now owns 1,175,876 shares of the company’s stock worth $89,719,000 after purchasing an additional 334,931 shares during the last quarter. Institutional investors 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.