Insider Selling: Nuvalent (NASDAQ:NUVL) CFO Sells $1,701,200.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $85.06, for a total value of $1,701,200.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at approximately $5,251,094.04. This represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• 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.
• On Tuesday, July 15th, Alexandra Balcom sold 5,300 shares of Nuvalent stock. The shares were sold at an average price of $83.50, for a total transaction 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 transaction of $1,250,970.00.

Nuvalent Price Performance

NUVL opened at $84.22 on Friday. The company has a market capitalization of $6.07 billion, a PE ratio of -17.19 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 business has a 50-day moving average of $78.36 and a 200-day moving average of $76.03.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter last year, the company earned ($0.88) earnings per share. On average, equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVL has been the topic of several analyst reports. Piper Sandler started coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They set an “overweight” rating and a $112.00 price target on the stock. Robert W. Baird raised 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. Leerink Partners boosted their price target on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 24th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, September 8th. Finally, Guggenheim began coverage on Nuvalent in a research note on Thursday, September 4th. They issued a “buy” rating and a $122.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $118.89.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently made changes to their positions in NUVL. CWM LLC boosted its holdings in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after purchasing an additional 359 shares during the period. ANTIPODES PARTNERS Ltd bought a new stake in shares of Nuvalent in the first quarter valued at about $38,000. Covestor Ltd grew its position in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after buying an additional 861 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in Nuvalent during the second quarter valued at about $88,000. Finally, Farther Finance Advisors LLC increased its stake in Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after acquiring an additional 1,200 shares during the period. Institutional investors and hedge funds 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.