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 business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00.
• 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 value 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.

Nuvalent Stock Up 0.1 %

NUVL stock opened at $77.64 on Friday. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The company has a market cap of $5.56 billion, a P/E ratio of -22.37 and a beta of 1.42. The business’s fifty day moving average is $78.53 and its 200-day moving average is $87.70.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its stake in Nuvalent by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after purchasing an additional 167 shares in the last quarter. Parkman Healthcare Partners LLC increased its position in shares of Nuvalent by 0.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock valued at $1,846,000 after buying an additional 188 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after buying an additional 309 shares in the last quarter. HighVista Strategies LLC raised its stake in Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after buying an additional 320 shares during the period. Finally, Crowley Wealth Management Inc. bought a new position in Nuvalent during the fourth quarter worth about $27,000. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NUVL. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.10.

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.