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

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated 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 in the company, valued at approximately $6,139,446.30. This trade represents a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 value 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 value 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 shares were sold at an average price of $85.01, for a total transaction of $645,055.88.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $107.13 on Thursday. The company has a 50-day moving average of $89.68 and a 200-day moving average of $81.43. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $112.53. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of -20.14 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the previous year, the business earned ($1.28) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Woodline Partners LP raised its holdings in shares of Nuvalent by 18.3% in the third quarter. Woodline Partners LP now owns 1,069,520 shares of the company’s stock valued at $92,492,000 after buying an additional 165,288 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Nuvalent by 102.1% in the 3rd quarter. Alyeska Investment Group L.P. now owns 101,066 shares of the company’s stock valued at $8,740,000 after acquiring an additional 51,066 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Nuvalent in the 3rd quarter valued at about $493,000. Vestal Point Capital LP raised its stake in shares of Nuvalent by 2.3% in the third quarter. Vestal Point Capital LP now owns 1,100,000 shares of the company’s stock worth $95,128,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its position in shares of Nuvalent by 25.3% during the third quarter. Polar Capital Holdings Plc now owns 1,022,225 shares of the company’s stock worth $88,402,000 after purchasing an additional 206,138 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on NUVL. Canaccord Genuity Group started coverage on Nuvalent in a research report on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. Robert W. Baird lifted their price objective on Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a report on Tuesday. Piper Sandler boosted their target price 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. Wedbush reiterated an “outperform” rating and set a $125.00 target price (up previously from $120.00) on shares of Nuvalent in a research report on Monday. Finally, Barclays set a $152.00 price target on shares of Nuvalent in a report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $137.69.

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.