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

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 4,016 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $319,994.88. Following the transaction, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Trading Down 2.1 %

Shares of Nuvalent stock opened at $76.61 on Friday. The stock has a 50-day moving average price of $88.18 and a 200 day moving average price of $87.25. The company has a market cap of $5.44 billion, a P/E ratio of -22.08 and a beta of 1.38. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm earned ($0.59) earnings per share. On average, equities analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently bought and sold shares of NUVL. FMR LLC raised its stake in shares of Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after purchasing an additional 73,429 shares in the last quarter. Driehaus Capital Management LLC raised its stake in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares in the last quarter. Finally, Fred Alger Management LLC raised its stake in shares of Nuvalent by 8.6% during the 3rd quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after purchasing an additional 49,612 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NUVL has been the subject of several research reports. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. HC Wainwright initiated coverage on Nuvalent in a research note on Monday, December 30th. They set a “buy” rating and a $110.00 target price for the company. BMO Capital Markets raised their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Guggenheim increased their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

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.