Noci Darlene, Chief Development Officer at Nuvalent (NUVL), has been a consistent seller of company stock over the past several months, with no open-market purchases recorded in her recent Form 4 filings. Her total sell value across 76 transactions amounts to approximately $11.7 million, while her buy value stands at zero. The most recent activity, dated July 15, 2026, includes a series of "D" transactions (sales back to the issuer) with no dollar value listed, along with one "A" grant (compensation) and a "U" transaction valued at $2.11 million. The "U" code is not standard in the SEC legend, but the overall pattern indicates a heavy disposition of shares.
Looking at the last several weeks, the selling is concentrated around option exercises and open-market sales. On July 1, 2026, Darlmer exercised options worth approximately $1.18 million (combining two "M" transactions) and sold shares for $2.84 million. On June 29, she exercised options valued at $153,175 and sold shares worth $679,305. On June 9, she exercised options totaling roughly $191,853 and sold shares for $2.46 million. On May 28, she sold shares in four separate transactions totaling approximately $454,785. All of these transactions are in NUVL, with no other tickers appearing in the recent filings.
The selling bias is unmistakable: every recent trade is either a sale ("S"), a sale to the issuer ("D"), or an option exercise ("M") that typically precedes a sale. The "A" grant on July 15 is compensation and not a conviction purchase. The absence of any "P" (open-market purchase) codes across all 76 filings indicates that Darlmer has not been buying NUVL shares in the open market. The recent direction is overwhelmingly bearish from a liquidity perspective, with large dollar amounts flowing out of the position.
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