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 company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total transaction of $891,900.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,970,027. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Monday, September 30th, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The shares were sold at an average price of $101.06, for a total value of $1,010,600.00.
• 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.

Nuvalent Trading Up 2.7 %

Shares of NASDAQ:NUVL opened at $91.91 on Wednesday. The stock has a market cap of $5.96 billion, a PE ratio of -33.06 and a beta of 1.33. The stock’s fifty day simple moving average is $96.00 and its two-hundred day simple moving average is $81.67. Nuvalent, Inc. has a 1-year low of $55.25 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period last year, the company earned ($0.51) EPS. On average, sell-side analysts forecast that Nuvalent, Inc. will post -3.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVL has been the subject of several recent analyst reports. Wedbush raised their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. UBS Group started coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Guggenheim upped their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $112.40.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently made changes to their positions in the business. Edgestream Partners L.P. bought a new stake in Nuvalent in the second quarter worth about $1,191,000. Seven Eight Capital LP bought a new stake in shares of Nuvalent in the 1st quarter worth approximately $1,172,000. Vanguard Group Inc. lifted its stake in Nuvalent by 2.2% in the first 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. Dimensional Fund Advisors LP grew its holdings in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the period. Finally, Samlyn Capital LLC purchased a new stake in Nuvalent in the second quarter worth $17,397,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.