Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom Sells 10,000 Shares

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, September 30th, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00.
• On Friday, August 30th, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00.

Nuvalent Stock Performance

Nuvalent stock traded up $0.31 during mid-day trading on Monday, reaching $89.53. The company’s stock had a trading volume of 486,592 shares, compared to its average volume of 441,376. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of -32.21 and a beta of 1.33. Nuvalent, Inc. has a 12 month low of $55.25 and a 12 month high of $113.51. The business’s 50 day simple moving average is $96.00 and its 200 day simple moving average is $81.67.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.52 EPS for the current year.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new stake in Nuvalent in the 3rd quarter worth about $490,000. State of New Jersey Common Pension Fund D acquired a new stake in Nuvalent in the 3rd quarter worth about $2,412,000. AlphaCentric Advisors LLC acquired a new stake in Nuvalent in the 3rd quarter worth about $716,000. Harbor Capital Advisors Inc. raised its stake in Nuvalent by 29.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock worth $2,201,000 after purchasing an additional 4,957 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in Nuvalent by 64.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,417 shares of the company’s stock worth $1,168,000 after purchasing an additional 4,472 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the topic of a number of research analyst reports. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Guggenheim raised their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Finally, BMO Capital Markets raised their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and an average price target of $112.40.

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.