Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells 27,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The stock was sold at an average price of $79.68, for a total transaction of $1,378,543.68.
• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00.

Nuvalent Stock Performance

NUVL traded up $2.13 during trading on Thursday, reaching $82.39. 327,101 shares of the stock were exchanged, compared to its average volume of 475,365. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The stock has a market cap of $5.85 billion, a P/E ratio of -23.74 and a beta of 1.38. The stock’s 50 day moving average price is $81.55 and its two-hundred day moving average price is $88.05.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Crowley Wealth Management Inc. acquired a new position in shares of Nuvalent in the fourth quarter valued at $27,000. Quarry LP acquired a new position in shares of Nuvalent in the fourth quarter valued at $39,000. US Bancorp DE acquired a new position in shares of Nuvalent in the fourth quarter valued at $90,000. GF Fund Management CO. LTD. acquired a new position in shares of Nuvalent in the fourth quarter valued at $108,000. Finally, KBC Group NV increased its holdings in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on NUVL shares. HC Wainwright reissued a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Friday, January 17th. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. BMO Capital Markets boosted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, UBS Group initiated coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.36.

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.