Nuvalent (NASDAQ:NUVL) CFO Sells $76,005.54 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 729 shares of the stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $104.26, for a total transaction of $76,005.54. Following the transaction, the chief financial officer owned 61,734 shares of the company’s stock, valued at $6,436,386.84. This trade represents a 1.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, November 17th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The shares were sold at an average price of $99.45, for a total transaction of $1,989,000.00.
• On Wednesday, October 15th, Alexandra Balcom sold 1,683 shares of Nuvalent stock. The shares were sold at an average price of $85.57, for a total transaction of $144,014.31.
• On Monday, October 13th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The shares were sold at an average price of $88.51, for a total value 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 value 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 transaction of $645,055.88.

Nuvalent Trading Up 2.8%

Shares of Nuvalent stock traded up $2.89 on Wednesday, hitting $107.13. 2,169,460 shares of the company traded hands, compared to its average volume of 536,726. The company has a market cap of $7.79 billion, a PE ratio of -20.14 and a beta of 1.31. The stock’s 50 day moving average price is $89.11 and its 200-day moving average price is $81.25. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $112.53.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the prior year, the company earned ($1.28) earnings per share. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on NUVL. The Goldman Sachs Group raised their price target on Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research report on Wednesday, October 8th. Canaccord Genuity Group initiated coverage on shares of Nuvalent in a research report on Wednesday, November 12th. They issued a “buy” rating and a $126.00 price target for the company. UBS Group raised their price objective on Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Raymond James Financial began coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price target for the company. Thirteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $137.69.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Vanguard Group Inc. increased its position in Nuvalent by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,605,007 shares of the company’s stock valued at $398,241,000 after buying an additional 80,883 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after acquiring an additional 724,491 shares in the last quarter. State Street Corp grew its stake in shares of Nuvalent by 4.2% during the second quarter. State Street Corp now owns 1,490,279 shares of the company’s stock worth $113,708,000 after acquiring an additional 59,620 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Nuvalent by 11.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company’s stock valued at $102,878,000 after acquiring an additional 152,692 shares in the last quarter. Finally, Commodore Capital LP increased its holdings in shares of Nuvalent by 1.8% during the third quarter. Commodore Capital LP now owns 1,400,000 shares of the company’s stock valued at $121,072,000 after acquiring an additional 25,000 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.