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

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 company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $75.42, for a total value of $2,036,340.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $18,784,256.04. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $82.27, for a total value of $2,221,290.00.

Nuvalent Price Performance

NUVL stock traded up $2.42 during midday trading on Friday, hitting $76.07. The stock had a trading volume of 224,981 shares, compared to its average volume of 537,717. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of -15.52 and a beta of 1.30. The business has a 50-day moving average of $78.60 and a two-hundred day moving average of $75.66. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly 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. Research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new position in Nuvalent in the second quarter valued at about $329,000. Tower Research Capital LLC TRC lifted its holdings in Nuvalent by 23.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company's stock valued at $240,000 after acquiring an additional 588 shares during the period. E Fund Management Co. Ltd. lifted its holdings in Nuvalent by 12.9% in the second quarter. E Fund Management Co. Ltd. now owns 5,401 shares of the company's stock valued at $412,000 after acquiring an additional 616 shares during the period. BNP Paribas Financial Markets lifted its holdings in Nuvalent by 130.7% in the second quarter. BNP Paribas Financial Markets now owns 135,613 shares of the company's stock valued at $10,347,000 after acquiring an additional 76,834 shares during the period. Finally, Braidwell LP lifted its holdings in Nuvalent by 39.8% in the second quarter. Braidwell LP now owns 1,175,876 shares of the company's stock valued at $89,719,000 after acquiring an additional 334,931 shares during the period. Institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NUVL. Leerink Partners increased their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. Piper Sandler began coverage on Nuvalent in a research note on Tuesday. They issued an "overweight" rating and a $112.00 target price on the stock. HC Wainwright reissued 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. Finally, Robert W. Baird increased their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $118.91.

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.