Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells 17,301 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 17,301 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $19,845,260.16. This trade represents a 6.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, December 16th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00.
• On Tuesday, October 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00.

Nuvalent Trading Down 2.3 %

Shares of NUVL stock opened at $78.25 on Friday. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51. The stock has a market cap of $5.56 billion, a P/E ratio of -22.55 and a beta of 1.38. The company has a 50 day simple moving average of $88.43 and a two-hundred day simple moving average of $87.28.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock worth $3,551,000 after acquiring an additional 2,664 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after purchasing an additional 70,157 shares during the period. Exome Asset Management LLC purchased a new stake in shares of Nuvalent in the third quarter worth $2,040,000. Virtu Financial LLC purchased a new stake in shares of Nuvalent in the third quarter worth $759,000. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Nuvalent by 82.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock valued at $545,000 after purchasing an additional 2,400 shares during the period. Institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised 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 report on Monday, September 16th. HC Wainwright began coverage on Nuvalent in a research report on Monday, December 30th. They set a “buy” rating and a $110.00 price objective on the stock. Finally, Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $112.36.

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.