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 on Monday, April 29th. The stock was sold at an average price of $67.51, for a total transaction of $135,020.00. Following the transaction, the director now owns 236,522 shares in the company, valued at approximately $15,967,600.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00.
• 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 transaction 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 transaction 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 transaction 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 transaction of $2,878,875.00.

Nuvalent Stock Performance

NASDAQ NUVL opened at $72.49 on Friday. Nuvalent, Inc. has a 52-week low of $36.04 and a 52-week high of $89.39. The company has a 50-day simple moving average of $75.67 and a 200 day simple moving average of $71.24. The company has a market capitalization of $4.64 billion, a PE ratio of -33.56 and a beta of 1.35.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on NUVL. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Jefferies Financial Group assumed coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 target price for the company. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their target price for the company from $69.00 to $110.00 in a report on Monday, April 1st. Finally, BMO Capital Markets increased their target price on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Trading of Nuvalent

A number of large investors have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP boosted its position in Nuvalent by 43.2% during the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock worth $1,975,000 after purchasing an additional 12,955 shares during the period. Rafferty Asset Management LLC boosted its position in Nuvalent by 18.9% during the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after purchasing an additional 15,197 shares during the period. New York State Common Retirement Fund boosted its position in Nuvalent by 49.8% during the third quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after purchasing an additional 6,714 shares during the period. Invesco Ltd. boosted its position in Nuvalent by 51.2% during the third quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after purchasing an additional 70,673 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Nuvalent by 196.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after purchasing an additional 131,296 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.