Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells $1,250,970.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 14,700 shares of Nuvalent stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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 shares were sold at an average price of $80.02, for a total value of $1,600,400.00.

Nuvalent Stock Performance

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 business has a 50-day simple moving average of $76.94 and a 200 day simple moving average of $76.00. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The stock has a market capitalization of $6.15 billion, a P/E ratio of -19.52 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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 period in the previous year, the company posted ($0.69) EPS. Research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its stake 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 buying an additional 1,200 shares during the last quarter. Voya Investment Management LLC grew its position in Nuvalent by 6.6% in 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 during the last quarter. Rhumbline Advisers grew its position in 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 last quarter. Strs Ohio bought a new position in Nuvalent in the 1st quarter worth about $404,000. Finally, Intech Investment Management LLC increased its holdings in Nuvalent by 28.7% during the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock worth $1,366,000 after purchasing an additional 4,293 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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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