Alexandra Balcom Sells 10,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Nuvalent Trading Down 1.3 %

Shares of NASDAQ:NUVL opened at $72.05 on Thursday. The company’s 50 day moving average is $72.46 and its two-hundred day moving average is $75.17. The company has a market cap of $4.65 billion, a PE ratio of -29.90 and a beta of 1.28. Nuvalent, Inc. has a 52 week low of $38.78 and a 52 week high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). As a group, equities research analysts expect that Nuvalent, Inc. will post -3.06 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. raised its holdings in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new stake in Nuvalent during the 1st quarter worth approximately $202,000. Seven Eight Capital LP acquired a new stake in Nuvalent during the 1st quarter worth approximately $1,172,000. Vanguard Group Inc. grew its stake in shares of Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Nuvalent by 10.3% in the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after purchasing an additional 830 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the topic of several recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a report on Friday, May 17th. Jefferies Financial Group initiated coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $69.00 to $110.00 in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their price target on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $90.78.

Nuvalent Company Profile

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.