Matthew Shair Sells 2,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now directly owns 220,522 shares of the company’s stock, valued at $18,475,333.16. The trade was a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Monday, November 25th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $96.22, for a total value of $192,440.00.
• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $80.30 on Friday. The company has a market capitalization of $5.71 billion, a P/E ratio of -23.14 and a beta of 1.31. The stock’s 50 day moving average price is $91.11 and its 200 day moving average price is $87.26. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the company posted ($0.59) EPS. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Guggenheim upped their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter valued at about $44,000. Amalgamated Bank boosted its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the period. Portland Investment Counsel Inc. acquired a new position in Nuvalent during the third quarter valued at approximately $205,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the period. Finally, Creative Planning acquired a new stake in shares of Nuvalent in the third quarter worth $232,000. 97.26% of the stock is currently owned by institutional investors.

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.