Nuvalent (NASDAQ:NUVL) CFO Alexandra Balcom Sells 7,588 Shares

Key Points

• Nuvalent's CFO, Alexandra Balcom, sold 7,588 shares at an average price of $85.01, totaling approximately $645,056, which marks a 10.95% decrease in her ownership position.
• After the recent sales, Balcom holds 61,734 shares valued at over $5 million, with the company's stock trading at $82.58, down $3.90 from the previous day.
• Nuvalent reported an earnings miss for the last quarter, posting an EPS of ($1.31) compared to a consensus estimate of ($1.27), with analysts forecasting a EPS of -3.86 for the current year.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CFO Alexandra Balcom sold 7,588 shares of the stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $85.01, for a total value of $645,055.88. Following the completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at $5,248,007.34. This represents a 10.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, September 30th, Alexandra Balcom sold 20,000 shares of Nuvalent stock. The shares were sold at an average price of $85.06, for a total value of $1,701,200.00.
• 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 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.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $3.90 on Wednesday, reaching $82.58. 651,806 shares of the company were exchanged, compared to its average volume of 426,935. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $106.32. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of -16.85 and a beta of 1.30. The company's 50-day moving average is $78.27 and its two-hundred day moving average is $75.93.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the business earned ($0.88) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new position in Nuvalent during the 2nd quarter worth approximately $329,000. Tower Research Capital LLC TRC boosted its holdings in Nuvalent by 23.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company's stock valued at $240,000 after purchasing an additional 588 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of Nuvalent by 12.9% during the second quarter. E Fund Management Co. Ltd. now owns 5,401 shares of the company's stock worth $412,000 after purchasing an additional 616 shares during the period. BNP Paribas Financial Markets increased its position in shares of Nuvalent by 130.7% in the second quarter. BNP Paribas Financial Markets now owns 135,613 shares of the company's stock valued at $10,347,000 after buying an additional 76,834 shares in the last quarter. Finally, Braidwell LP lifted its stake in shares of Nuvalent by 39.8% in the 2nd quarter. Braidwell LP now owns 1,175,876 shares of the company's stock valued at $89,719,000 after purchasing an additional 334,931 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

NUVL has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 target price for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. HC Wainwright reaffirmed 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. Piper Sandler initiated coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. Finally, Guggenheim started coverage on shares of Nuvalent in a research report on Thursday, September 4th. They set a "buy" rating and a $122.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. Based on data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and an average target price of $119.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.