Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells 20,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $80.02, for a total value of $1,600,400.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Nuvalent Stock Performance

NASDAQ:NUVL traded up $1.71 during mid-day trading on Tuesday, hitting $78.01. 624,818 shares of the company's stock traded hands, compared to its average volume of 502,063. The company has a fifty day moving average of $74.85 and a 200 day moving average of $76.07. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The company has a market capitalization of $5.60 billion, a P/E ratio of -17.77 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the previous year, the firm earned ($0.69) EPS. On average, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Nuvalent by 3.4% in the 4th quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company's stock valued at $9,085,000 after acquiring an additional 3,834 shares during the period. US Bancorp DE acquired a new position in Nuvalent in the 4th quarter worth approximately $90,000. Charles Schwab Investment Management Inc. increased its holdings in Nuvalent by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock worth $25,329,000 after buying an additional 7,742 shares during the period. M&T Bank Corp raised its position in Nuvalent by 16.4% during the 4th quarter. M&T Bank Corp now owns 8,473 shares of the company's stock worth $664,000 after buying an additional 1,192 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Nuvalent during the 4th quarter valued at approximately $376,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NUVL. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. Leerink Partners raised their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Robert W. Baird raised their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nuvalent currently has a consensus rating of "Moderate Buy" and an average target price of $119.60.

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.

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