Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells 10,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $3,365,298. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• 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 value of $842,300.00.
• On Wednesday, July 31st, Alexandra Balcom sold 10,000 shares of Nuvalent stock. The shares were sold at an average price of $79.51, for a total value of $795,100.00.

Nuvalent Trading Up 1.4 %

Shares of NUVL opened at $104.93 on Friday. Nuvalent, Inc. has a 12 month low of $49.02 and a 12 month high of $113.51. The business’s fifty day simple moving average is $86.09 and its two-hundred day simple moving average is $77.61. The company has a market cap of $6.77 billion, a price-to-earnings ratio of -43.54 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the company posted ($0.51) earnings per share. As a group, research analysts forecast that Nuvalent, Inc. will post -3.55 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NUVL. BMO Capital Markets boosted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $113.78.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NUVL. Quest Partners LLC purchased a new stake in Nuvalent in the second quarter worth approximately $44,000. Amalgamated Bank boosted its stake in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nuvalent in the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC increased its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in Nuvalent in the first quarter valued at about $202,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.