186,385 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Bought by American Century Companies Inc.

American Century Companies Inc. acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 186,385 shares of the company's stock, valued at approximately $14,590,000. American Century Companies Inc. owned approximately 0.26% of Nuvalent at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Nuvalent by 19.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 315,827 shares of the company's stock worth $32,309,000 after buying an additional 50,536 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Nuvalent by 100.5% in the third quarter. The Manufacturers Life Insurance Company now owns 45,705 shares of the company's stock worth $4,676,000 after acquiring an additional 22,910 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Nuvalent by 6.7% in the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company's stock valued at $2,019,000 after acquiring an additional 1,231 shares during the last quarter. Walleye Capital LLC acquired a new stake in Nuvalent in the 3rd quarter valued at about $2,053,000. Finally, Verition Fund Management LLC bought a new position in shares of Nuvalent during the 3rd quarter valued at about $1,069,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $113.44.

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Nuvalent Stock Down 3.8 %

Shares of Nuvalent stock traded down $2.58 during midday trading on Friday, hitting $65.74. The company's stock had a trading volume of 582,527 shares, compared to its average volume of 472,331. The firm has a market capitalization of $4.71 billion, a P/E ratio of -18.95 and a beta of 1.43. Nuvalent, Inc. has a 1-year low of $61.80 and a 1-year high of $113.51. The stock has a 50-day simple moving average of $77.38 and a 200-day simple moving average of $86.25.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 17,301 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,845,260.16. The trade was a 6.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $82.79, for a total value of $165,580.00. Following the sale, the director now owns 218,522 shares of the company's stock, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,800 shares of company stock valued at $8,437,464. Corporate insiders own 12.52% of the company's stock.

Nuvalent Company Profile

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.