Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells 10,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $3,365,298. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $84.23, for a total value of $842,300.00.
• On Wednesday, July 31st, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The shares were sold at an average price of $79.51, for a total value of $795,100.00.

Nuvalent Stock Up 0.5 %

Shares of NASDAQ:NUVL traded up $0.54 during mid-day trading on Wednesday, reaching $103.56. 301,764 shares of the stock were exchanged, compared to its average volume of 442,233. The stock’s 50 day simple moving average is $85.16 and its 200-day simple moving average is $77.24. Nuvalent, Inc. has a one year low of $41.16 and a one year high of $113.51. The company has a market cap of $6.69 billion, a P/E ratio of -42.75 and a beta of 1.28.

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

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of NUVL. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank lifted its holdings in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent in the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC boosted its position in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the first quarter valued at about $202,000. Institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of recent analyst reports. Stifel Nicolaus increased their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Wedbush raised their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. BMO Capital Markets upped their price objective on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nuvalent has a consensus 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.