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

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the sale, the chief executive officer owned 249,062 shares in the company, valued at approximately $20,490,330.74. This 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 link.

Nuvalent Trading Up 0.3%

NASDAQ:NUVL opened at $85.69 on Friday. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The company has a market cap of $6.15 billion, a PE ratio of -19.52 and a beta of 1.31. The company has a 50 day simple moving average of $76.94 and a two-hundred day simple moving average of $76.00.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the company earned ($0.69) EPS. Research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC grew its position in shares of Nuvalent by 10.8% during 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. Summit Investment Advisors Inc. lifted its stake in shares of Nuvalent by 4.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after buying an additional 167 shares in the last quarter. Parkman Healthcare Partners LLC lifted its stake in shares of Nuvalent by 0.8% during 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. GF Fund Management CO. LTD. lifted its stake in shares of Nuvalent by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company’s stock valued at $119,000 after buying an additional 302 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Nuvalent by 13.4% during 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. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the topic of a number of research analyst reports. Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, June 24th. HC Wainwright reissued a “buy” rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Robert W. Baird raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research note on Monday, June 30th. Finally, Leerink Partners raised 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. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $119.60.

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.