Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom Sells 10,000 Shares

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Monday, September 30th. The shares were 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 of the company’s stock, valued at $3,365,298. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 transaction 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 Trading Up 0.5 %

NUVL stock traded up $0.54 during midday trading on Wednesday, reaching $103.56. The company had a trading volume of 301,764 shares, compared to its average volume of 442,233. The company has a 50 day moving average of $85.16 and a two-hundred day moving average of $77.24. Nuvalent, Inc. has a 1 year low of $41.16 and a 1 year high of $113.51. The company has a market capitalization of $6.69 billion, a P/E ratio of -42.75 and a beta of 1.28.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus lifted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Finally, BMO Capital Markets upped their price target on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $111.00.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Perceptive Advisors LLC increased its position in Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after buying an additional 454,540 shares during the period. Darwin Global Management Ltd. boosted its position in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after acquiring an additional 1,379,266 shares during the period. Commodore Capital LP grew its stake in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its position in Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after acquiring an additional 23,730 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.