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

Key Points

• CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock at an average price of $85.06, totaling $1,701,200, reducing her stake by 24.47%.
• Nuvalent reported a loss of ($1.31) earnings per share for the last quarter, missing estimates by ($0.04).
• Brokerages have a consensus rating of "Buy" for Nuvalent, with price targets ranging from $105.00 to $140.00.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 20,000 shares of Nuvalent 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 transaction, the chief financial officer owned 61,734 shares of the company's stock, valued at $5,251,094.04. The trade was a 24.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Monday, September 29th, Alexandra Balcom sold 7,588 shares of Nuvalent stock. The stock was 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 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

Shares of NASDAQ NUVL traded down $3.90 during midday trading on Wednesday, reaching $82.58. The company's stock had a trading volume of 651,806 shares, compared to its average volume of 426,935. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $106.32. The business's 50 day moving average price is $78.27 and its two-hundred day moving average price is $75.93. The company has a market cap of $5.95 billion, a P/E ratio of -16.85 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the prior year, the business posted ($0.88) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on NUVL. Raymond James Financial began coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 price objective for the company. Leerink Partners boosted their price objective 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 raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, September 8th. Finally, The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $119.50.

Institutional Trading of Nuvalent

A number of institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC boosted its position in shares of Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares in the last quarter. Kennedy Capital Management LLC boosted its position in shares of Nuvalent by 3.7% during the 2nd quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company's stock worth $420,000 after purchasing an additional 196 shares in the last quarter. Guggenheim Capital LLC lifted its position in Nuvalent by 2.7% in the 2nd quarter. Guggenheim Capital LLC now owns 10,863 shares of the company's stock valued at $829,000 after acquiring an additional 288 shares in the last quarter. GF Fund Management CO. LTD. lifted its position in Nuvalent by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock valued at $119,000 after acquiring an additional 302 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Nuvalent by 15.8% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,564 shares of the company's stock valued at $196,000 after buying an additional 350 shares during the last quarter. 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.

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