Alexandra Balcom Sells 11,430 Shares of Nuvalent (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) CFO Alexandra Balcom sold 11,430 shares of Nuvalent stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the transaction, the chief financial officer owned 85,533 shares in the company, valued at approximately $8,998,926.93. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Tuesday, January 6th, Alexandra Balcom sold 3,181 shares of Nuvalent stock. The stock was sold at an average price of $97.16, for a total value of $309,065.96.
• On Monday, January 5th, Alexandra Balcom sold 4,236 shares of Nuvalent stock. The shares were sold at an average price of $97.32, for a total value of $412,247.52.

Nuvalent Price Performance

NASDAQ:NUVL opened at $105.43 on Friday. The business’s 50-day simple moving average is $101.43 and its two-hundred day simple moving average is $99.10. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.01. The stock has a market cap of $8.29 billion, a PE ratio of -18.02 and a beta of 1.31.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently made changes to their positions in NUVL. Candriam S.C.A. increased its stake in Nuvalent by 9.4% in the 3rd quarter. Candriam S.C.A. now owns 329,721 shares of the company’s stock worth $28,514,000 after acquiring an additional 28,462 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Nuvalent by 24.5% during the 2nd quarter. Rhumbline Advisers now owns 66,029 shares of the company’s stock valued at $5,038,000 after acquiring an additional 13,003 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Nuvalent by 9.4% during the 3rd quarter. Voya Investment Management LLC now owns 134,742 shares of the company’s stock valued at $11,652,000 after acquiring an additional 11,523 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nuvalent in the third quarter valued at $1,629,000. Finally, Norges Bank purchased a new position in shares of Nuvalent in the second quarter valued at $28,582,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on NUVL. Cantor Fitzgerald boosted their price target on Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. UBS Group reaffirmed a “buy” rating on shares of Nuvalent in a report on Wednesday, December 17th. JPMorgan Chase & Co. reduced their price objective on shares of Nuvalent from $147.00 to $145.00 and set an “overweight” rating on the stock in a research report on Friday, December 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a report on Thursday, January 22nd. Finally, Wells Fargo & Company initiated coverage on shares of Nuvalent in a research report on Monday, March 30th. They set an “overweight” rating and a $116.00 target price for the company. Sixteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.25.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.