Nuvalent (NASDAQ:NUVL) CEO James Richard Porter Sells 30,000 Shares

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $123.72, for a total value of $3,711,600.00. Following the transaction, the chief executive officer directly owned 324,879 shares in the company, valued at $40,194,029.88. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, June 8th, James Richard Porter sold 30,000 shares of Nuvalent stock. The shares were sold at an average price of $88.53, for a total transaction of $2,655,900.00.
• On Monday, May 4th, James Richard Porter sold 30,000 shares of Nuvalent stock. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00.

Nuvalent Price Performance

NUVL opened at $123.80 on Thursday. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $123.85. The firm has a market capitalization of $9.78 billion, a PE ratio of -20.43 and a beta of 1.14. The company’s 50-day moving average is $110.79 and its 200 day moving average is $105.60.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same quarter last year, the business posted ($1.18) earnings per share. As a group, analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on NUVL. Raymond James Financial downgraded Nuvalent from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 9th. Lifesci Capital downgraded shares of Nuvalent from an “outperform” rating to a “hold” rating and set a $124.00 price objective on the stock. in a report on Tuesday, June 9th. UBS Group lowered shares of Nuvalent from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $138.00 to $124.00 in a research note on Wednesday, June 10th. Barclays reissued an “equal weight” rating and set a $124.00 target price (down from $152.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Finally, HC Wainwright downgraded Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 target price on the stock. in a research note on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $127.73.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HighVista Strategies LLC raised its position in Nuvalent by 84.9% in the third quarter. HighVista Strategies LLC now owns 93,294 shares of the company’s stock worth $8,068,000 after acquiring an additional 42,834 shares during the period. Aberdeen Group plc grew its position in shares of Nuvalent by 115.4% during the 4th quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock valued at $16,615,000 after acquiring an additional 88,489 shares during the period. Hudson Bay Capital Management LP purchased a new stake in shares of Nuvalent during the 3rd quarter worth approximately $1,297,000. Nicholas Investment Partners LP increased its stake in shares of Nuvalent by 29.2% during the 4th quarter. Nicholas Investment Partners LP now owns 160,483 shares of the company’s stock worth $16,143,000 after purchasing an additional 36,305 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB raised its holdings in shares of Nuvalent by 211.1% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 163,350 shares of the company’s stock worth $16,431,000 after purchasing an additional 110,850 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.