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 company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the completion of the sale, the director now owns 222,522 shares in the company, valued at approximately $21,411,066.84. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, October 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $91.73, for a total value of $183,460.00.
• On Monday, September 23rd, Matthew Shair sold 2,000 shares of Nuvalent stock. The shares were sold at an average price of $102.75, for a total value of $205,500.00.

Nuvalent Stock Up 0.5 %

NUVL stock traded up $0.46 during midday trading on Wednesday, hitting $96.76. The company’s stock had a trading volume of 179,440 shares, compared to its average volume of 437,671. Nuvalent, Inc. has a 12 month low of $61.01 and a 12 month high of $113.51. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of -28.01 and a beta of 1.33. The company has a 50 day moving average of $97.30 and a two-hundred day moving average of $84.45.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the firm earned ($0.59) earnings per share. On average, analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Wellington Management Group LLP increased its stake in Nuvalent by 65.5% in 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. Samlyn Capital LLC purchased a new stake in Nuvalent in the second quarter worth $17,397,000. Logos Global Management LP purchased a new stake in Nuvalent in the second quarter worth $14,793,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NUVL shares. UBS Group started coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. Stifel Nicolaus lifted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets boosted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $112.60.

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.