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 the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $79.08, for a total transaction of $2,135,160.00. Following the sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at approximately $19,695,822.96. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 shares were sold at an average price of $82.27, for a total value of $2,221,290.00.

Nuvalent Price Performance

Shares of NUVL traded down $4.29 during trading hours on Friday, hitting $76.67. 997,351 shares of the company were exchanged, compared to its average volume of 403,857. The company has a market capitalization of $5.53 billion, a PE ratio of -15.65 and a beta of 1.29. The firm has a fifty day simple moving average of $78.54 and a 200-day simple moving average of $75.46. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $108.98.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results 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 firm earned ($0.88) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in shares of Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent in the first quarter worth $38,000. Covestor Ltd increased its position in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after acquiring an additional 861 shares during the period. Persistent Asset Partners Ltd acquired a new position in Nuvalent during the 2nd quarter valued at $88,000. Finally, Farther Finance Advisors LLC raised 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 valued at $93,000 after buying an additional 1,200 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

NUVL has been the topic of several analyst reports. Robert W. Baird lifted their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Leerink Partners lifted their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Guggenheim initiated coverage on Nuvalent in a report on Thursday, September 4th. They issued a "buy" rating and a $122.00 target price for the company. Piper Sandler assumed coverage on Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus 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.