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

Nuvalent, Inc. (NASDAQ:NUVL) CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, March 17th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00.
• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00.

Nuvalent Stock Up 2.4 %

Nuvalent stock traded up $1.67 during midday trading on Thursday, reaching $71.64. 676,934 shares of the stock traded hands, compared to its average volume of 478,020. The stock has a market cap of $5.13 billion, a P/E ratio of -20.65 and a beta of 1.43. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The stock’s fifty day moving average is $73.23 and its 200-day moving average is $84.03.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, equities analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Finally, Wedbush reissued an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.44.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC raised its stake 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 valued at $31,546,000 after acquiring an additional 70,157 shares during the period. Barclays PLC raised its holdings in shares of Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after purchasing an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of 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 purchasing an additional 2,664 shares during the period. KBC Group NV boosted its stake in shares of Nuvalent by 61.1% during 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 in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Nuvalent during the fourth quarter valued at approximately $10,487,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.