Alexandra Balcom Sells 4,016 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 4,016 shares of Nuvalent stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $319,994.88. Following the transaction, the chief financial officer now owns 61,734 shares in the company, valued at approximately $4,918,965.12. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $89.19, for a total value of $891,900.00.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $78.25 on Thursday. The business has a fifty day moving average of $88.63 and a 200-day moving average of $87.34. The firm has a market cap of $5.56 billion, a PE ratio of -22.55 and a beta of 1.38. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the company earned ($0.59) EPS. On average, analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NUVL shares. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. HC Wainwright began coverage on shares of Nuvalent in a research note on Monday, December 30th. They issued a “buy” rating and a $110.00 target price for the company. Finally, BMO Capital Markets boosted their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $112.36.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently made changes to their positions in NUVL. Edgestream Partners L.P. acquired a new position in shares of Nuvalent in the 2nd quarter valued at $1,191,000. Y Intercept Hong Kong Ltd acquired a new stake in Nuvalent during the 3rd quarter valued at $1,255,000. Lord Abbett & CO. LLC boosted its holdings in shares of Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. grew its stake in Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after buying an additional 12,256 shares during the last quarter. Finally, Barclays PLC raised its holdings in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after acquiring an additional 40,754 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.