Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells 14,700 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 14,700 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $5,253,563.40. The trade was a 19.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 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 value of $1,600,400.00.

Nuvalent Stock Performance

Shares of NUVL stock traded down $1.36 during mid-day trading on Monday, reaching $82.04. The company's stock had a trading volume of 41,574 shares, compared to its average volume of 505,936. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The company has a market cap of $5.89 billion, a P/E ratio of -18.65 and a beta of 1.31. The firm's 50-day moving average is $77.21 and its two-hundred day moving average is $75.99.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the business posted ($0.69) EPS. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on NUVL shares. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday, June 24th. Leerink Partners increased their target price on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Robert W. Baird increased their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, HC Wainwright reissued a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Nuvalent currently has an average rating of "Buy" and an average price target of $119.60.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in shares of Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after acquiring an additional 1,200 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Nuvalent by 6.6% during the first 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 during the period. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 5.1% during the first 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 during the first quarter valued at $404,000. Finally, Intech Investment Management LLC lifted its holdings in shares of Nuvalent by 28.7% during the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after acquiring an additional 4,293 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.