James Richard Porter Sells 27,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $18,896,333.94. This represents a 9.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 transaction of $2,118,420.00.
• 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 value 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 value of $1,378,543.68.

Nuvalent Price Performance

Shares of NUVL stock opened at $77.64 on Friday. The company has a fifty day moving average price of $78.53 and a two-hundred day moving average price of $87.70. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51. The stock has a market cap of $5.56 billion, a P/E ratio of -22.37 and a beta of 1.42.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NUVL. Boxer Capital Management LLC acquired a new position in shares of Nuvalent in the fourth quarter valued at $87,689,000. FMR LLC lifted its position in Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after acquiring an additional 786,257 shares during the last quarter. Vestal Point Capital LP bought a new stake in shares of Nuvalent during the fourth quarter worth approximately $46,968,000. Polar Capital Holdings Plc grew its position in shares of Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock valued at $74,109,000 after purchasing an additional 584,223 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.