Matthew Shair Sells 2,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a filing with the SEC, which can be accessed 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 stock was 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 value of $167,560.00.

Nuvalent Price Performance

Shares of Nuvalent stock traded down $2.14 on Tuesday, hitting $75.89. 397,207 shares of the company’s stock traded hands, compared to its average volume of 467,500. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of -21.87 and a beta of 1.38. The company has a fifty day moving average of $81.13 and a two-hundred day moving average of $88.38. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51.

Institutional Trading of Nuvalent

Several hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new stake in Nuvalent in the third quarter valued at $1,255,000. Lord Abbett & CO. LLC raised its stake in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. boosted its holdings in Nuvalent by 14.9% in the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after acquiring an additional 12,256 shares in the last quarter. Barclays PLC increased its holdings in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after acquiring an additional 40,754 shares in the last quarter. Finally, First Turn Management LLC raised its position in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares during the period. Institutional investors own 97.26% of the company’s stock.

Analysts Set New Price Targets

NUVL has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research report on Friday, January 17th. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, 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 report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.10.

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.