Nuvalent (NASDAQ:NUVL) CFO Sells $76,005.54 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 729 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $104.26, for a total value of $76,005.54. Following the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $6,436,386.84. This represents a 1.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Monday, November 17th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The shares were sold at an average price of $99.45, for a total transaction of $1,989,000.00.
• 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 transaction 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 transaction of $1,770,200.00.
• On Tuesday, September 30th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The shares were sold at an average price of $85.06, for a total value 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 value of $645,055.88.

Nuvalent Stock Performance

NUVL traded up $2.89 on Wednesday, hitting $107.13. 2,169,460 shares of the company were exchanged, compared to its average volume of 536,726. The firm has a fifty day simple moving average of $89.11 and a two-hundred day simple moving average of $81.25. The stock has a market capitalization of $7.79 billion, a PE ratio of -20.14 and a beta of 1.31. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $112.53.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same quarter in the previous year, the company posted ($1.28) earnings per share. On average, equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NUVL shares. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a research report on Wednesday, October 8th. Cantor Fitzgerald started coverage on Nuvalent in a research note on Wednesday, October 15th. They set an “overweight” rating and a $135.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $125.00 price target (up previously from $120.00) on shares of Nuvalent in a research report on Monday. The Goldman Sachs Group raised their price objective on shares of Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Robert W. Baird upped their target price on Nuvalent from $112.00 to $158.00 and gave the stock an “outperform” rating in a report on Tuesday. Thirteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.69.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently bought and sold shares of NUVL. Woodline Partners LP lifted its holdings in shares of Nuvalent by 18.3% during the third quarter. Woodline Partners LP now owns 1,069,520 shares of the company’s stock valued at $92,492,000 after purchasing an additional 165,288 shares in the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of Nuvalent by 102.1% in the third quarter. Alyeska Investment Group L.P. now owns 101,066 shares of the company’s stock worth $8,740,000 after buying an additional 51,066 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Nuvalent during the 3rd quarter worth $493,000. Vestal Point Capital LP grew its holdings in Nuvalent by 2.3% during the third quarter. Vestal Point Capital LP now owns 1,100,000 shares of the company’s stock valued at $95,128,000 after purchasing an additional 25,000 shares during the period. Finally, Polar Capital Holdings Plc grew its stake in shares of Nuvalent by 25.3% during the 3rd quarter. Polar Capital Holdings Plc now owns 1,022,225 shares of the company’s stock valued at $88,402,000 after acquiring an additional 206,138 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.