Nuvalent (NASDAQ:NUVL) CFO Sells $144,014.31 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 1,683 shares of Nuvalent stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total value of $144,014.31. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,282,578.38. The trade was a 2.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• 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 shares were 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 value of $645,055.88.

Nuvalent Trading Up 2.3%

Shares of Nuvalent stock opened at $92.52 on Monday. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $104.81. The stock has a market capitalization of $6.67 billion, a P/E ratio of -18.88 and a beta of 1.30. The business’s fifty day moving average price is $80.32 and its 200 day moving average price is $77.04.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the business posted ($0.88) earnings per share. As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on NUVL shares. Robert W. Baird raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research report on Wednesday, June 25th. Piper Sandler started coverage on Nuvalent in a research report on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 price objective on the stock. Guggenheim started coverage on Nuvalent in a research report on Thursday, September 4th. They issued a “buy” rating and a $122.00 price objective on the stock. Raymond James Financial started coverage on Nuvalent in a research report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price objective on the stock. Finally, The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.00.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC increased its position in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent during the first quarter worth about $38,000. Covestor Ltd increased its position in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in Nuvalent in the second quarter valued at about $88,000. Finally, Farther Finance Advisors LLC increased its holdings in Nuvalent by 9,230.8% in the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after buying an additional 1,200 shares during the last quarter. 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.