Nuvalent (NASDAQ:NUVL) CEO Sells $2,036,340.00 in Stock

Key Points

• Nuvalent CEO James Richard Porter sold 27,000 shares worth $2,036,340, reducing his ownership by 9.78% to 249,062 shares.
• The company reported a loss of $1.31 earnings per share in its latest quarterly results, missing analyst estimates.
• Nuvalent's stock is currently rated as a "Buy" by analysts, with an average target price of $118.91.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the completion of the transaction, the chief executive officer owned 249,062 shares in the company, valued at $18,784,256.04. The trade was a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Tuesday, July 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $82.27, for a total transaction of $2,221,290.00.

Nuvalent Stock Up 3.3%

Shares of NUVL stock traded up $2.43 during mid-day trading on Friday, reaching $76.08. The company's stock had a trading volume of 407,091 shares, compared to its average volume of 509,960. The company's 50 day simple moving average is $78.55 and its 200-day simple moving average is $75.50. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $113.51. The firm has a market capitalization of $5.49 billion, a PE ratio of -15.53 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results 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 in the prior year, the firm earned ($0.88) earnings per share. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NUVL. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, July 21st. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird raised 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. Piper Sandler began coverage on Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. Finally, Leerink Partners lifted 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. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat, Nuvalent has a consensus rating of "Buy" and a consensus target price of $118.91.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently bought and sold shares of the company. CWM LLC increased its holdings in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares during the last quarter. Quarry LP acquired a new position in shares of Nuvalent in the 4th quarter worth approximately $39,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Nuvalent in the 1st quarter valued at approximately $38,000. Covestor Ltd raised 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 acquiring an additional 861 shares in the last quarter. Finally, Persistent Asset Partners Ltd bought a new position in Nuvalent during the second quarter worth $88,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.