Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CFO Sells $319,994.88 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 4,016 shares of the stock in a transaction that occurred on 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 owns 61,734 shares of the company’s stock, valued at approximately $4,918,965.12. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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 Price Performance

Shares of NASDAQ NUVL opened at $76.61 on Friday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The business’s fifty day moving average price is $88.18 and its two-hundred day moving average price is $87.25. The firm has a market capitalization of $5.44 billion, a PE ratio of -22.08 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the business earned ($0.59) earnings per share. Equities research analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Large investors have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter worth $44,000. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. bought a new position in shares of Nuvalent in the third quarter worth $205,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Nuvalent in the second quarter worth $218,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUVL has been the subject of several research analyst reports. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Guggenheim upped 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. BMO Capital Markets upped their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright assumed coverage on Nuvalent in a research report on Monday, December 30th. They set a “buy” rating and a $110.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned 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 currently has a consensus rating of “Moderate Buy” and an average price target 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.