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Nuvalent, Inc.·4

Feb 2, 4:30 PM ET

Noci Darlene 4

Research Summary

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Nuvalent (NUVL) CDO Darlene Noci Exercises Options, Sells Shares

What Happened
Darlene Noci, Chief Development Officer of Nuvalent, exercised 5,500 stock options on January 29, 2026 (Form 4 code M), paying $27.85 per share for a cost of $153,175. The filing shows she sold a total of 5,500 shares that same day in multiple open‑market transactions (codes S) for combined proceeds of $561,423 (weighted‑average prices reported). Net proceeds before fees and taxes were about $408,248. These trades were executed under a pre‑arranged Rule 10b5‑1 trading plan.

Key Details

  • Transaction date: January 29, 2026 (filed Feb 2, 2026 — timely within the 2 business‑day window).
  • Option exercise: 5,500 shares acquired at $27.85 each = $153,175.
  • Open‑market sales (total 5,500 shares) — reported as multiple transactions with weighted averages:
    • 189 shares @ $100.95 (range $100.34–$101.33) = $19,080 (F2)
    • 3,429 shares @ $101.80 (range $101.35–$102.34) = $349,072 (F3)
    • 1,819 shares @ $102.67 (range $102.35–$103.33) = $186,757 (F4)
    • 63 shares @ $103.39 (range $103.35–$103.43) = $6,514 (F5)
    • Total sale proceeds reported: $561,423.
  • The Form 4 also shows a derivative disposition of 5,500 shares at $0 (common in cashless or net exercises) (F6 explains vesting schedule).
  • Plan/footnotes: Transactions were made under a Rule 10b5‑1 plan adopted Nov 18, 2024 (F1). Weighted‑average price ranges and the seller’s offer to provide a per‑price breakdown are noted (F2–F5). Vesting schedule for the option grant is described (F6).
  • Shares owned after the transactions are not specified in the information provided in this summary (not shown in the supplied excerpt).

Context
Exercising options and immediately selling the resulting shares is a common way for insiders to cover exercise costs and tax obligations; the 10b5‑1 plan indicates these sales were pre‑planned rather than spontaneous. Purchases (new insider buys) tend to be a stronger bullish signal than routine exercises followed by sales; this filing documents both an exercise and contemporaneous sales rather than a new accumulation of shares.