Nuvalent (NASDAQ:NUVL) CFO Alexandra Balcom Sells 1,683 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 1,683 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total transaction of $144,014.31. Following the completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,282,578.38. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Monday, October 13th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The stock was sold at an average price of $88.51, for a total transaction of $1,770,200.00.
• On Tuesday, September 30th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The stock was sold at an average price of $85.06, for a total transaction of $1,701,200.00.
• On Monday, September 29th, Alexandra Balcom sold 7,588 shares of Nuvalent stock. The shares were sold at an average price of $85.01, for a total value of $645,055.88.

Nuvalent Price Performance

Nuvalent stock opened at $92.52 on Friday. The stock has a market cap of $6.67 billion, a PE ratio of -18.88 and a beta of 1.30. The stock’s fifty day moving average is $80.32 and its two-hundred day moving average is $76.93. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $104.81.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the business earned ($0.88) earnings per share. On average, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently made changes to their positions in the business. Braidwell LP grew its holdings in shares of Nuvalent by 248.6% during the first quarter. Braidwell LP now owns 840,945 shares of the company’s stock worth $59,640,000 after buying an additional 599,710 shares during the last quarter. Vestal Point Capital LP lifted its position in Nuvalent by 79.2% during the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock worth $76,239,000 after acquiring an additional 475,000 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in shares of Nuvalent in the 1st quarter valued at approximately $31,969,000. Norges Bank purchased a new position in shares of Nuvalent in the 2nd quarter valued at approximately $28,582,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Nuvalent by 72.8% in the second quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company’s stock valued at $36,955,000 after purchasing an additional 204,002 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NUVL has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, June 30th. Stifel Nicolaus assumed coverage on shares of Nuvalent in a report on Thursday. They issued a “buy” rating and a $115.00 target price for the company. Piper Sandler initiated coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 target price on the stock. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, September 8th. Finally, Raymond James Financial initiated coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.00.

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.