Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair Sells 2,000 Shares

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $67.51, for a total value of $135,020.00. Following the sale, the director now owns 236,522 shares in the company, valued at approximately $15,967,600.22. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total value of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Trading Up 2.6 %

Shares of NUVL traded up $1.77 on Wednesday, reaching $70.65. 533,982 shares of the company's stock traded hands, compared to its average volume of 442,781. The stock has a market cap of $4.53 billion, a PE ratio of -32.71 and a beta of 1.29. The stock's 50 day simple moving average is $75.90 and its two-hundred day simple moving average is $71.25. Nuvalent, Inc. has a 52-week low of $35.71 and a 52-week high of $89.39.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.02). Analysts forecast that Nuvalent, Inc. will post -2.89 earnings per share for the current year.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in shares of Nuvalent by 1.4% during the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company's stock valued at $719,000 after acquiring an additional 139 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock worth $168,000 after buying an additional 189 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Nuvalent by 3.1% in the third quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company's stock worth $323,000 after buying an additional 210 shares during the last quarter. Teacher Retirement System of Texas increased its position in Nuvalent by 4.8% in the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company's stock worth $269,000 after buying an additional 269 shares during the last quarter. Finally, Amalgamated Bank increased its position in Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company's stock worth $281,000 after buying an additional 285 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 research analysts have issued reports on the company. Robert W. Baird assumed coverage on Nuvalent in a report on Friday, February 23rd. They issued an "outperform" rating and a $105.00 price target on the stock. SVB Leerink upgraded Nuvalent from a "market perform" rating to an "outperform" rating and raised their target price for the company from $69.00 to $110.00 in a report on Monday, April 1st. BMO Capital Markets raised their target price on Nuvalent from $93.00 to $102.00 and gave the company an "outperform" rating in a report on Wednesday, February 28th. Wedbush restated an "outperform" rating and issued a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. raised their target price on Nuvalent from $68.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $90.78.

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.