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 firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00.

Nuvalent Stock Down 5.3 %

NUVL stock opened at $83.45 on Thursday. The business’s 50-day moving average price is $93.95 and its 200-day moving average price is $86.98. The stock has a market cap of $5.93 billion, a P/E ratio of -24.05 and a beta of 1.31. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the firm earned ($0.59) EPS. On average, equities research analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Quest Partners LLC purchased a new stake in Nuvalent during the 2nd quarter valued at approximately $44,000. Amalgamated Bank grew its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Nuvalent in the 2nd quarter worth $218,000. Institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Guggenheim upped their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

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.