Alexandra Balcom Sells 5,300 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 5,300 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $83.50, for a total value of $442,550.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,154,789. The trade was a 7.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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.
• On Friday, June 27th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00.

Nuvalent Trading Down 1.6%

NASDAQ:NUVL traded down $1.36 during mid-day trading on Monday, hitting $82.04. 41,574 shares of the company's stock traded hands, compared to its average volume of 505,936. The firm has a 50 day moving average of $77.21 and a two-hundred day moving average of $75.99. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of -18.65 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the previous year, the company posted ($0.69) earnings per share. As a group, equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on NUVL shares. HC Wainwright reiterated a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Leerink Partners upped their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent has an average rating of "Buy" and an average target price of $119.60.

Institutional Investors Weigh In On Nuvalent

Hedge funds have recently made changes to their positions in the stock. Crowley Wealth Management Inc. acquired a new position in shares of Nuvalent in the 4th quarter worth approximately $27,000. CWM LLC grew its holdings in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after acquiring an additional 359 shares during the period. Quarry LP acquired a new stake in Nuvalent during the 4th quarter worth $39,000. ANTIPODES PARTNERS Ltd acquired a new stake in Nuvalent during the 1st quarter worth $38,000. Finally, Covestor Ltd raised its stake in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after buying an additional 861 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.