Nuvalent (NASDAQ:NUVL) CFO Alexandra Balcom Sells 7,588 Shares

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 7,588 shares of the company’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $85.01, for a total transaction of $645,055.88. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,248,007.34. The trade was a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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 Tuesday, July 15th, Alexandra Balcom sold 5,300 shares of Nuvalent stock. The stock was sold at an average price of $83.50, for a total value of $442,550.00.
• On Wednesday, July 16th, Alexandra Balcom sold 14,700 shares of Nuvalent stock. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00.

Nuvalent Stock Performance

Nuvalent stock opened at $82.58 on Thursday. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of -16.85 and a beta of 1.30. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $106.32. The stock’s fifty day moving average is $78.27 and its two-hundred day moving average is $75.93.

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

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings 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 purchasing an additional 59,620 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Nuvalent by 11.8% during the 1st 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 during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Nuvalent by 12.3% during the 1st quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company’s stock worth $102,294,000 after acquiring an additional 157,809 shares during the period. Braidwell LP boosted its position in shares of Nuvalent by 39.8% in the second quarter. Braidwell LP now owns 1,175,876 shares of the company’s stock worth $89,719,000 after acquiring an additional 334,931 shares during the last quarter. Finally, Vestal Point Capital LP grew its holdings in Nuvalent by 79.2% in the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock valued at $76,239,000 after purchasing an additional 475,000 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Leerink Partners increased their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Tuesday, June 24th. Robert W. Baird increased their target price on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a report on Wednesday, June 25th. Raymond James Financial assumed coverage on Nuvalent in a report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, September 8th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research note on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $119.50.

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.