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

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 5,300 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $83.50, for a total value of $442,550.00. Following the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $5,154,789. This trade represents a 7.91% decrease in their position. 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 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 shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00.

Nuvalent Trading Up 0.3%

Shares of Nuvalent stock traded up $0.24 on Thursday, hitting $85.69. 474,178 shares of the company traded hands, compared to its average volume of 506,208. The company has a market cap of $6.15 billion, a PE ratio of -19.52 and a beta of 1.31. The stock's 50 day moving average price is $76.94 and its 200-day moving average price is $76.00. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter last year, the company earned ($0.69) earnings per share. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUVL. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, June 24th. Leerink Partners raised their target price 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 raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Robert W. Baird raised their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $119.60.

Institutional Trading of Nuvalent

Hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC raised its holdings in shares of Nuvalent by 9,230.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after purchasing an additional 1,200 shares in the last quarter. Voya Investment Management LLC boosted its position in Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock valued at $8,532,000 after acquiring an additional 7,414 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Nuvalent by 5.1% in the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after acquiring an additional 2,572 shares during the period. Strs Ohio bought a new position in shares of Nuvalent in the 1st quarter worth $404,000. Finally, Intech Investment Management LLC raised its position in shares of Nuvalent by 28.7% in the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock worth $1,366,000 after acquiring an additional 4,293 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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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