Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells $2,221,290.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $20,490,330.74. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Nuvalent Stock Up 0.3%

Shares of NUVL stock traded up $0.24 during trading on Thursday, reaching $85.69. 474,178 shares of the company's stock were exchanged, compared to its average volume of 506,208. The stock has a market capitalization of $6.15 billion, a PE ratio of -19.52 and a beta of 1.31. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The firm's fifty day moving average price is $76.94 and its 200-day moving average price is $76.00.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter last year, the company posted ($0.69) earnings per share. As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the business. Crowley Wealth Management Inc. acquired a new position in Nuvalent in the 4th quarter worth about $27,000. CWM LLC boosted its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after purchasing an additional 359 shares in the last quarter. Quarry LP bought a new stake in shares of Nuvalent during the 4th quarter valued at about $39,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Nuvalent during the 1st quarter valued at about $38,000. Finally, Covestor Ltd boosted its position in shares of Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 861 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NUVL has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, June 24th. Robert W. Baird upped their target price on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Finally, Leerink Partners increased their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and a consensus price target of $119.60.

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.

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