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 Nuvalent stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Nuvalent Stock Down 2.5 %

Nuvalent stock opened at $102.16 on Friday. The firm’s 50-day simple moving average is $91.74 and its 200 day simple moving average is $79.40. Nuvalent, Inc. has a 52 week low of $49.02 and a 52 week high of $113.51. The firm has a market capitalization of $6.60 billion, a PE ratio of -42.39 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business earned ($0.51) EPS. On average, research analysts expect that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new position in Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank raised its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent during the 1st quarter valued at about $121,000. Allspring Global Investments Holdings LLC increased its stake in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent during the 1st quarter valued at about $202,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on NUVL. Wedbush boosted their target price on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Stifel Nicolaus boosted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets boosted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $113.78.

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.