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 stock in a transaction dated 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 directly owns 249,062 shares in the company, valued at $19,541,404.52. This trade represents a 9.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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 shares were 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 shares were 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 shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00.

Nuvalent Price Performance

NUVL stock opened at $79.49 on Friday. 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. The firm has a 50-day moving average of $81.31 and a 200 day moving average of $88.06.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd bought a new position in Nuvalent in the third quarter worth about $1,255,000. Lord Abbett & CO. LLC increased its stake in shares of Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after purchasing an additional 70,157 shares in the last quarter. Citigroup Inc. increased its stake in shares of Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after purchasing an additional 12,256 shares in the last quarter. Barclays PLC increased its stake in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after purchasing an additional 40,754 shares in the last quarter. Finally, First Turn Management LLC increased its stake in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NUVL shares. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. Finally, BMO Capital Markets raised their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.36.

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.