James Richard Porter Sells 27,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 249,062 shares in the company, valued at $20,490,330.74. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Nuvalent Stock Performance

NASDAQ NUVL traded down $1.38 during trading hours on Monday, hitting $82.02. The company had a trading volume of 41,574 shares, compared to its average volume of 545,890. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The company has a market cap of $5.89 billion, a PE ratio of -18.65 and a beta of 1.31. The business has a 50 day moving average of $77.21 and a 200-day moving average of $75.99.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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 period in the previous year, the firm earned ($0.69) EPS. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently made changes to their positions in NUVL. Paradigm Biocapital Advisors LP grew its position in shares of Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Nuvalent by 11.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock valued at $102,878,000 after purchasing an additional 152,692 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Nuvalent by 12.3% in the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after buying an additional 157,809 shares during the period. Finally, Woodline Partners LP boosted its stake in shares of Nuvalent by 0.9% during the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after buying an additional 11,248 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on NUVL shares. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Tuesday, June 24th. Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Leerink Partners boosted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Finally, HC Wainwright reiterated a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $119.60.

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.