Bank of New York Mellon Corp Boosts Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Bank of New York Mellon Corp raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,062 shares of the company's stock after buying an additional 3,834 shares during the quarter. Bank of New York Mellon Corp owned about 0.16% of Nuvalent worth $9,085,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB increased its holdings in Nuvalent by 16.1% in the 4th quarter. Handelsbanken Fonder AB now owns 10,800 shares of the company's stock valued at $845,000 after buying an additional 1,500 shares during the period. Rhumbline Advisers increased its holdings in Nuvalent by 3.9% in the 4th quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock valued at $3,950,000 after buying an additional 1,896 shares during the period. abrdn plc increased its holdings in Nuvalent by 19.5% in the 4th quarter. abrdn plc now owns 56,701 shares of the company's stock valued at $4,439,000 after buying an additional 9,241 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in Nuvalent by 21.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company's stock valued at $1,089,000 after buying an additional 2,496 shares during the period. Finally, KBC Group NV increased its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the period. 97.26% of the stock is owned by institutional investors.

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Insider Buying and Selling

In other news, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the completion of the sale, the director now owns 220,522 shares in the company, valued at $18,475,333.16. This represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $18,926,221.38. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,800 shares of company stock valued at $6,556,534 over the last ninety days. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Down 0.5 %

NASDAQ:NUVL traded down $0.36 during mid-day trading on Tuesday, hitting $76.66. 369,928 shares of the company's stock were exchanged, compared to its average volume of 458,638. The company has a 50 day simple moving average of $78.63 and a 200-day simple moving average of $87.91. Nuvalent, Inc. has a fifty-two week low of $61.80 and a fifty-two week high of $113.51. The firm has a market capitalization of $5.49 billion, a P/E ratio of -22.09 and a beta of 1.42.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.10.

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.