Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells 4,016 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 4,016 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $319,994.88. Following the completion of the sale, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Thursday, October 31st, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The stock was sold at an average price of $89.19, for a total value of $891,900.00.

Nuvalent Stock Performance

Shares of NUVL traded down $1.87 during trading hours on Wednesday, hitting $78.25. The company had a trading volume of 341,935 shares, compared to its average volume of 471,296. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38. The firm has a fifty day moving average price of $88.87 and a 200-day moving average price of $87.41. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the company posted ($0.59) EPS. Research analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NUVL. HC Wainwright initiated coverage on Nuvalent in a report on Monday, December 30th. They set a “buy” rating and a $110.00 price target on the stock. Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Guggenheim increased their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $112.36.

Institutional Trading of Nuvalent

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in shares of Nuvalent by 23.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after acquiring an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Nuvalent by 62.0% during the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after purchasing an additional 1,686 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock worth $3,536,000 after buying an additional 7,420 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after buying an additional 1,127 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Nuvalent during the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.