Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells $1,010,600.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was 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 in the company, valued at $3,365,298. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal 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 transaction of $795,100.00.

Nuvalent Price Performance

NUVL opened at $104.93 on Friday. Nuvalent, Inc. has a 1 year low of $49.02 and a 1 year high of $113.51. The stock’s 50 day simple moving average is $86.09 and its 200 day simple moving average is $77.61. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of -43.54 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the firm earned ($0.51) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.55 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on NUVL. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday. Guggenheim lifted 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. BMO Capital Markets increased their price objective on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $113.78.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of NUVL. Quest Partners LLC purchased a new position in Nuvalent during the 2nd quarter valued at about $44,000. Amalgamated Bank grew its position in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nuvalent during the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nuvalent by 9.2% during 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 in the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new stake in Nuvalent in the first quarter worth $202,000. 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.