Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter Sells 27,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $17,170,334.28. This represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, March 17th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00.
• 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.

Nuvalent Price Performance

NUVL stock opened at $71.64 on Friday. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of -20.65 and a beta of 1.43. The company has a 50 day simple moving average of $73.00 and a 200 day simple moving average of $83.82. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

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

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently bought and sold shares of the company. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the fourth quarter valued at about $27,000. Quarry LP bought a new position in Nuvalent in the 4th quarter valued at approximately $39,000. US Bancorp DE acquired a new stake in Nuvalent during the 4th quarter worth approximately $90,000. GF Fund Management CO. LTD. bought a new stake in Nuvalent during the 4th quarter worth approximately $108,000. Finally, Exchange Traded Concepts LLC increased its position in Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after acquiring an additional 161 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on NUVL shares. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.50.

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.