Matthew Shair Sells 37,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $63.65, for a total value of $2,386,875.00. Following the transaction, the director now directly owns 1,537,198 shares of the company’s stock, valued at approximately $97,842,652.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Monday, April 15th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Trading Down 0.6 %

Shares of NASDAQ:NUVL traded down $0.40 during trading on Wednesday, reaching $67.20. The company’s stock had a trading volume of 502,900 shares, compared to its average volume of 446,767. Nuvalent, Inc. has a 12 month low of $33.03 and a 12 month high of $89.39. The stock has a market capitalization of $4.31 billion, a PE ratio of -31.58 and a beta of 1.29. The firm’s 50 day simple moving average is $77.63 and its two-hundred day simple moving average is $71.01.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Research analysts anticipate that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. boosted its stake in Nuvalent by 97.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after acquiring an additional 654 shares in the last quarter. Compass Wealth Management LLC acquired a new stake in shares of Nuvalent during the fourth quarter worth $63,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nuvalent by 460.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after buying an additional 3,162 shares during the period. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Nuvalent by 33.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after buying an additional 750 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NUVL shares. Jefferies Financial Group assumed coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Robert W. Baird began coverage on Nuvalent in a research note on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. BMO Capital Markets raised their price target on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Finally, Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $90.78.

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.