Nuvalent (NASDAQ:NUVL) Director Matthew Shair Sells 5,850 Shares

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 5,850 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $109.37, for a total transaction of $639,814.50. Following the completion of the sale, the director owned 1,377,194 shares of the company’s stock, valued at $150,623,707.78. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Matthew Shair also recently made the following trade(s):

• On Monday, November 24th, Matthew Shair sold 1,650 shares of Nuvalent stock. The stock was sold at an average price of $109.37, for a total value of $180,460.50.
• On Tuesday, October 28th, Matthew Shair sold 9,154 shares of Nuvalent stock. The stock was sold at an average price of $100.27, for a total transaction of $917,871.58.
• On Tuesday, October 28th, Matthew Shair sold 32,455 shares of Nuvalent stock. The stock was sold at an average price of $100.27, for a total transaction of $3,254,262.85.
• On Monday, October 27th, Matthew Shair sold 4,046 shares of Nuvalent stock. The stock was sold at an average price of $100.23, for a total value of $405,530.58.
• On Monday, October 27th, Matthew Shair sold 14,345 shares of Nuvalent stock. The shares were sold at an average price of $100.23, for a total transaction of $1,437,799.35.

Nuvalent Trading Down 0.7%

Shares of NUVL traded down $0.80 during mid-day trading on Wednesday, hitting $109.06. 704,636 shares of the company traded hands, compared to its average volume of 544,605. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $112.88. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of -20.50 and a beta of 1.31. The business has a 50-day moving average of $91.94 and a 200 day moving average of $82.58.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter in the prior year, the company earned ($1.28) earnings per share. As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently bought and sold shares of NUVL. CWM LLC increased its holdings in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Nuvalent during the 3rd quarter valued at approximately $38,000. Eastern Bank bought a new position in Nuvalent in the 3rd quarter worth approximately $52,000. Covestor Ltd raised its holdings in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after acquiring an additional 861 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Nuvalent during the second quarter worth $88,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the topic of several research analyst reports. Leerink Partners increased their price objective on shares of Nuvalent from $140.00 to $149.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Cantor Fitzgerald started coverage on shares of Nuvalent in a research report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 target price on the stock. Guggenheim upped their price objective on shares of Nuvalent from $125.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. UBS Group boosted their target price on Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Truist Financial set a $140.00 price objective on Nuvalent in a research note on Monday. Fourteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.86.

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.