Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter Sells 17,301 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $19,845,260.16. This represents a 6.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00.
• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00.

Nuvalent Trading Down 2.3 %

Nuvalent stock opened at $78.25 on Thursday. The firm has a 50 day moving average of $88.63 and a 200 day moving average of $87.34. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the firm posted ($0.59) earnings per share. On average, analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in Nuvalent by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock worth $3,551,000 after acquiring an additional 2,664 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after purchasing an additional 70,157 shares during the period. Exome Asset Management LLC bought a new position in shares of Nuvalent during the 3rd quarter valued at approximately $2,040,000. Virtu Financial LLC purchased a new stake in Nuvalent during the 3rd quarter valued at $759,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in Nuvalent by 82.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock worth $545,000 after buying an additional 2,400 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NUVL shares. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Guggenheim increased their price objective 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. HC Wainwright started coverage on shares of Nuvalent in a report on Monday, December 30th. They issued a “buy” rating and a $110.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.36.

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.