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

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the sale, the director now directly owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, May 28th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $67.22, for a total transaction of $134,440.00.
• On Monday, May 13th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $65.84, for a total transaction of $2,469,000.00.
• On Monday, May 6th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $69.48, for a total transaction of $2,605,500.00.
• On Monday, April 29th, Matthew Shair sold 2,000 shares of Nuvalent stock. The stock was sold at an average price of $67.51, for a total value of $135,020.00.
• On Monday, April 22nd, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $63.65, for a total value 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 value of $2,458,500.00.
• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were 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 transaction of $2,884,500.00.

Nuvalent Stock Performance

Shares of NUVL stock opened at $76.97 on Friday. Nuvalent, Inc. has a twelve month low of $38.78 and a twelve month high of $89.39. The stock’s fifty day simple moving average is $71.77 and its 200 day simple moving average is $75.21.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). On average, equities analysts anticipate that Nuvalent, Inc. will post -3.06 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a report on Friday, May 17th. SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their price target on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, Jefferies Financial Group started coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $90.78.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently added to or reduced their stakes in the business. Compass Wealth Management LLC acquired a new position in Nuvalent in the 4th quarter valued at approximately $63,000. SG Americas Securities LLC acquired a new stake in Nuvalent in the first quarter valued at $121,000. Allspring Global Investments Holdings LLC increased its holdings in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the period. Mount Yale Investment Advisors LLC bought a new position in Nuvalent during the 1st quarter worth $202,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Nuvalent by 33.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after buying an additional 750 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.