Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair Sells 18,300 Shares

Nuvalent, Inc. (NASDAQ:NUVL – Get Rating) Director Matthew Shair sold 18,300 shares of the firm’s stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $31.17, for a total transaction of $570,411.00. Following the transaction, the director now directly owns 1,962,998 shares of the company’s stock, valued at approximately $61,186,647.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, November 2nd, Matthew Shair sold 95,455 shares of Nuvalent stock. The shares were sold at an average price of $32.04, for a total transaction of $3,058,378.20.
• On Friday, October 7th, Matthew Shair sold 12,613 shares of Nuvalent stock. The stock was sold at an average price of $18.70, for a total transaction of $235,863.10.
• On Wednesday, October 5th, Matthew Shair sold 7,884 shares of Nuvalent stock. The stock was sold at an average price of $19.22, for a total transaction of $151,530.48.
• On Wednesday, September 14th, Matthew Shair sold 13,151 shares of Nuvalent stock. The stock was sold at an average price of $18.36, for a total transaction of $241,452.36.

Nuvalent Stock Down 1.7 %

NASDAQ:NUVL traded down $0.55 during trading hours on Friday, reaching $31.01. The company had a trading volume of 159,966 shares, compared to its average volume of 217,949. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -20.55 and a beta of 1.60. The business’s 50-day simple moving average is $27.27 and its two-hundred day simple moving average is $19.05. Nuvalent, Inc. has a twelve month low of $7.09 and a twelve month high of $40.43.

Analyst Ratings Changes

Separately, BMO Capital Markets lifted their target price on shares of Nuvalent from $28.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, October 28th.

Institutional Investors Weigh In On Nuvalent

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its holdings in Nuvalent by 35.0% in the first quarter. California State Teachers Retirement System now owns 7,811 shares of the company’s stock worth $108,000 after purchasing an additional 2,024 shares during the period. SG Americas Securities LLC acquired a new stake in Nuvalent in the third quarter worth $114,000. American International Group Inc. grew its holdings in Nuvalent by 59.8% in the first quarter. American International Group Inc. now owns 9,098 shares of the company’s stock worth $126,000 after purchasing an additional 3,406 shares during the period. Credit Suisse AG grew its holdings in Nuvalent by 42,088.9% in the third quarter. Credit Suisse AG now owns 7,594 shares of the company’s stock worth $148,000 after purchasing an additional 7,576 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Nuvalent by 65.6% in the first quarter. New York State Common Retirement Fund now owns 12,922 shares of the company’s stock worth $179,000 after purchasing an additional 5,120 shares during the period. 95.07% of the stock is currently owned by institutional investors and hedge funds.

About Nuvalent

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Nuvalent, Inc, a clinical stage biopharmaceutical company, develops therapies for patients with cancer. Its lead product candidates are NVL-520, a brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; and NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase I/II clinical trial.

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