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 dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,896,333.94. The trade was a 9.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00.
• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was 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.

Nuvalent Stock Up 1.2 %

Shares of NASDAQ:NUVL traded up $0.91 during trading on Wednesday, reaching $77.57. 304,281 shares of the company traded hands, compared to its average volume of 457,992. Nuvalent, Inc. has a 52 week low of $61.80 and a 52 week high of $113.51. The company’s 50 day moving average is $78.56 and its two-hundred day moving average is $87.85. The firm has a market capitalization of $5.55 billion, a PE ratio of -22.35 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. lifted its stake in Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock worth $288,000 after purchasing an additional 167 shares during the last quarter. Parkman Healthcare Partners LLC lifted its position in shares of Nuvalent by 0.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock worth $1,846,000 after buying an additional 188 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. HighVista Strategies LLC raised its position in Nuvalent by 1.1% in the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after purchasing an additional 320 shares during the last quarter. Finally, Crowley Wealth Management Inc. bought a new position in Nuvalent during the fourth quarter worth $27,000. 97.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Friday, March 14th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

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.