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 the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• On Monday, January 27th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00.
• On Monday, December 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00.

Nuvalent Stock Down 2.7 %

Shares of NASDAQ:NUVL opened at $75.89 on Wednesday. The firm has a market cap of $5.39 billion, a PE ratio of -21.87 and a beta of 1.38. The company’s 50 day moving average price is $80.88 and its two-hundred day moving average price is $88.43. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51.

Analysts Set New Price Targets

A number of research analysts recently commented on NUVL shares. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.10.

Institutional Trading of Nuvalent

Large investors have recently made changes to their positions in the company. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $27,000. Quarry LP acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $39,000. US Bancorp DE acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $90,000. GF Fund Management CO. LTD. acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $108,000. Finally, KBC Group NV boosted its position in shares of Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after acquiring an additional 602 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.