Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells $1,010,600.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $3,365,298. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Alexandra Balcom also recently made the following trade(s):

• On Friday, August 30th, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The shares were sold at an average price of $84.23, for a total transaction of $842,300.00.
• On Wednesday, July 31st, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $103.50 on Friday. Nuvalent, Inc. has a 52-week low of $41.45 and a 52-week high of $113.51. The stock has a market cap of $6.68 billion, a P/E ratio of -42.95 and a beta of 1.29. The firm has a 50 day moving average price of $85.62 and a 200 day moving average price of $77.42.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the business earned ($0.51) EPS. Analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently modified their holdings of NUVL. Darwin Global Management Ltd. lifted its holdings in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Vanguard Group Inc. raised its holdings in Nuvalent by 56.5% during the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after buying an additional 1,205,668 shares during the period. Commodore Capital LP lifted its stake in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares during the period. Finally, Samlyn Capital LLC bought a new stake in shares of Nuvalent during the second quarter worth $17,397,000. 97.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NUVL has been the subject of several research reports. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets lifted their price target on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Finally, Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $111.00.

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.