Nuvalent (NASDAQ:NUVL) CEO James Richard Porter Sells 27,000 Shares

Key Points

• James Richard Porter, CEO of Nuvalent, sold 27,000 shares on October 16th for a total of $2,447,010, representing a 9.78% decrease in his ownership of the company.
• Nuvalent's stock is currently valued at $92.52, marking a 2.3% increase in trading as of the latest session.
• Analysts project Nuvalent will post an earnings per share of -3.86 for the current fiscal year, with an average price target of $120.00 from various analysts.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $90.63, for a total value of $2,447,010.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $22,572,489.06. This trade represents a 9.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, September 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $79.08, for a total value of $2,135,160.00.
• On Friday, August 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $75.42, for a total value of $2,036,340.00.

Nuvalent Stock Up 2.3%

NUVL traded up $2.10 on Friday, reaching $92.52. The company's stock had a trading volume of 351,655 shares, compared to its average volume of 514,913. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of -18.88 and a beta of 1.30. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $104.81. The stock has a 50 day moving average of $79.95 and a two-hundred day moving average of $76.76.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the firm posted ($0.88) EPS. As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NUVL shares. Leerink Partners raised their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. HC Wainwright reaffirmed a "buy" rating and set a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Guggenheim assumed coverage on Nuvalent in a research note on Thursday, September 4th. They issued a "buy" rating and a $122.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Nuvalent in a research report on Thursday. They set a "buy" rating and a $115.00 target price on the stock. Finally, Piper Sandler initiated coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $120.00.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently bought and sold shares of the company. Braidwell LP lifted its stake in shares of Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company's stock worth $59,640,000 after acquiring an additional 599,710 shares during the period. Vestal Point Capital LP raised its holdings in Nuvalent by 79.2% during the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company's stock worth $76,239,000 after purchasing an additional 475,000 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Nuvalent in the first quarter valued at about $31,969,000. Norges Bank purchased a new stake in Nuvalent in the 2nd quarter valued at approximately $28,582,000. Finally, Ameriprise Financial Inc. increased its position in Nuvalent by 72.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company's stock worth $36,955,000 after purchasing an additional 204,002 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.

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