Alexandra Balcom Sells 20,000 Shares of Nuvalent (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $99.45, for a total value of $1,989,000.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at $6,139,446.30. This represents a 24.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, November 18th, Alexandra Balcom sold 729 shares of Nuvalent stock. The stock was sold at an average price of $104.26, for a total value of $76,005.54.
• On Wednesday, October 15th, Alexandra Balcom sold 1,683 shares of Nuvalent stock. The stock was 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 transaction 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 transaction of $1,701,200.00.
• On Monday, September 29th, Alexandra Balcom sold 7,588 shares of Nuvalent stock. The stock was sold at an average price of $85.01, for a total transaction of $645,055.88.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $2.89 during trading on Wednesday, hitting $107.13. 2,169,460 shares of the company traded hands, compared to its average volume of 536,726. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of -20.14 and a beta of 1.31. The business’s fifty day moving average is $89.11 and its 200 day moving average is $81.25. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $112.53.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter last year, the company earned ($1.28) earnings per share. On average, analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of research reports. HC Wainwright upped their target price on Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler boosted their price target on shares of Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Guggenheim raised their price objective on shares of Nuvalent from $125.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays set a $152.00 target price on shares of Nuvalent in a research report on Monday. Finally, Robert W. Baird raised their price target on shares of Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday. Thirteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.69.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Voya Investment Management LLC grew its position in Nuvalent by 6.6% in the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock worth $8,532,000 after purchasing an additional 7,414 shares in the last quarter. Voleon Capital Management LP bought a new position in shares of Nuvalent during the 1st quarter worth approximately $1,489,000. Strs Ohio purchased a new position in shares of Nuvalent in the 1st quarter worth approximately $404,000. New York State Common Retirement Fund grew its holdings in shares of Nuvalent by 23.4% in the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock valued at $1,485,000 after acquiring an additional 3,965 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Nuvalent by 51.3% during the first quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock valued at $20,003,000 after acquiring an additional 95,661 shares during the last quarter. 97.26% of the stock is owned by 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.