Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair Sells 37,500 Shares

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $63.65, for a total value of $2,386,875.00. Following the transaction, the director now owns 1,537,198 shares in the company, valued at approximately $97,842,652.70. The transaction 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 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 stock was 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 stock was sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Trading Down 0.6 %

Shares of NASDAQ:NUVL opened at $67.20 on Thursday. Nuvalent, Inc. has a one year low of $33.03 and a one year high of $89.39. The business’s fifty day moving average price is $77.29 and its two-hundred day moving average price is $70.98.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, sell-side analysts expect that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in Nuvalent by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 83,306 shares of the company’s stock worth $3,830,000 after purchasing an additional 578 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nuvalent by 460.3% during the third 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 period. Mirae Asset Global Investments Co. Ltd. increased its stake in Nuvalent by 16.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,866 shares of the company’s stock worth $683,000 after acquiring an additional 2,058 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Nuvalent by 271.3% in the 3rd quarter. TD Asset Management Inc now owns 45,524 shares of the company’s stock worth $2,093,000 after purchasing an additional 33,262 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of Nuvalent by 97.2% in the 3rd 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. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NUVL shares. JPMorgan Chase & Co. boosted their target price on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Jefferies Financial Group began coverage on Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a report on Tuesday, February 27th. Guggenheim began coverage on Nuvalent in a report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target on the stock. Finally, Robert W. Baird began coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.