Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Director Sells 2,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the sale, the director now directly owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Matthew Shair also recently made the following trade(s):

• On Tuesday, May 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $67.22, for a total value of $134,440.00.
• On Monday, May 13th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $65.84, for a total transaction of $2,469,000.00.
• On Monday, May 6th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $69.48, for a total value of $2,605,500.00.
• On Monday, April 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $67.51, for a total value of $135,020.00.
• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total value of $2,386,875.00.
• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $65.56, for a total transaction of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total transaction of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.92, for a total transaction of $2,884,500.00.

Nuvalent Price Performance

NUVL stock opened at $76.97 on Friday. The firm has a 50-day moving average of $71.77 and a 200 day moving average of $75.21. Nuvalent, Inc. has a 1 year low of $38.78 and a 1 year high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). On average, sell-side analysts expect that Nuvalent, Inc. will post -3.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on NUVL. Wedbush reiterated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a report on Friday, May 17th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 target price on the stock. Finally, SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their price target for the company from $69.00 to $110.00 in a research report on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after buying an additional 72,222 shares in the last quarter. Perceptive Advisors LLC grew its stake in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares during the period. Darwin Global Management Ltd. lifted its position in Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares during the period. Commodore Capital LP boosted its holdings in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Nuvalent by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock valued at $20,888,000 after buying an additional 18,263 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.