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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website.

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 stock was 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 %

NASDAQ:NUVL traded down $0.40 on Wednesday, hitting $67.20. 502,900 shares of the company’s stock traded hands, compared to its average volume of 446,767. The company has a market cap of $4.31 billion, a PE ratio of -31.58 and a beta of 1.29. Nuvalent, Inc. has a 1 year low of $33.03 and a 1 year high of $89.39. The firm has a 50-day moving average price of $77.63 and a 200-day moving average price of $71.01.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several institutional investors have recently made changes to their positions in NUVL. Bank of New York Mellon Corp lifted its holdings in shares of Nuvalent by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 83,306 shares of the company’s stock valued at $3,830,000 after buying an additional 578 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nuvalent by 460.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock valued at $177,000 after buying an additional 3,162 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 16.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,866 shares of the company’s stock worth $683,000 after purchasing an additional 2,058 shares during the last quarter. TD Asset Management Inc lifted its holdings in Nuvalent by 271.3% in the 3rd quarter. TD Asset Management Inc now owns 45,524 shares of the company’s stock worth $2,093,000 after purchasing an additional 33,262 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after purchasing an additional 654 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NUVL. Jefferies Financial Group began coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target on the stock. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research note on Tuesday, February 27th. JPMorgan Chase & Co. lifted their price target on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. BMO Capital Markets lifted their price target on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Finally, Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.