Nuvalent (NASDAQ:NUVL) CEO Sells $2,135,160.00 in Stock

Key Points

• Nuvalent CEO James Richard Porter sold 27,000 shares for $2,135,160.00, reducing his ownership by 9.78% to 249,062 shares, valued at approximately $19.7 million.
• The company's stock is trading at $78.58, with a market capitalization of $5.67 billion, and analysts have set a consensus price target of $119.50, labeling it as a "Buy" stock.
• Nuvalent recently reported a quarterly loss of ($1.31) EPS, missing expectations, with projections indicating the company will post -$3.86 EPS for the current fiscal year.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Monday, September 15th. The stock was sold at an average price of $79.08, for a total transaction of $2,135,160.00. Following the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $19,695,822.96. This represents 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 link.

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

• On Friday, August 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.42, for a total transaction of $2,036,340.00.
• 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 transaction of $2,221,290.00.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded up $0.25 during midday trading on Wednesday, reaching $78.58. 308,664 shares of the stock were exchanged, compared to its average volume of 525,855. The business has a 50-day simple moving average of $78.70 and a two-hundred day simple moving average of $75.29. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -16.04 and a beta of 1.29. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $108.98.

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

Hedge Funds Weigh In On Nuvalent

Several large investors have recently modified their holdings of NUVL. CWM LLC raised its stake in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after acquiring an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent during the first quarter valued at $38,000. Covestor Ltd raised its stake in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after acquiring an additional 861 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Nuvalent during the second quarter worth $88,000. Finally, Farther Finance Advisors LLC increased its position in shares of Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock worth $93,000 after buying an additional 1,200 shares during the period. Institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on NUVL. Raymond James Financial began coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 target price on the stock. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, September 8th. HC Wainwright restated a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Piper Sandler began coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. Finally, Robert W. Baird increased their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $119.50.

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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