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 shares were sold at an average price of $79.68, for a total transaction of $319,994.88. Following the completion of the transaction, the chief financial officer now owns 61,734 shares of the company’s stock, valued at $4,918,965.12. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 Stock Down 2.3 %

NASDAQ NUVL opened at $78.25 on Friday. The stock’s 50-day simple moving average is $88.43 and its two-hundred day simple moving average is $87.28. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38.

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

Analysts Set New Price Targets

Several research analysts have commented on NUVL shares. UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. HC Wainwright initiated coverage on shares of Nuvalent in a report on Monday, December 30th. They issued a “buy” rating and a $110.00 price target on the stock. Finally, Guggenheim lifted their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Institutional Investors Weigh In On Nuvalent

Hedge funds have recently made changes to their positions in the business. FMR LLC grew its holdings in shares of Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after buying an additional 400,402 shares during the period. Samlyn Capital LLC purchased a new position in shares of Nuvalent in the second quarter worth about $17,397,000. Logos Global Management LP purchased a new stake in Nuvalent during the 2nd quarter valued at about $14,793,000. Finally, Dimensional Fund Advisors LP grew its position in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after acquiring an additional 155,276 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

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.