Charles Schwab Investment Management Inc. Raises Position in Nuvalent, Inc. (NASDAQ:NUVL)

Charles Schwab Investment Management Inc. raised its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 323,569 shares of the company's stock after purchasing an additional 7,742 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.46% of Nuvalent worth $25,329,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. US Bancorp DE purchased a new position in shares of Nuvalent in the 4th quarter valued at approximately $90,000. KBC Group NV grew its stake in shares of 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 purchasing an additional 602 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $205,000. FORA Capital LLC acquired a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $328,000. Finally, Valence8 US LP acquired a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $421,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now owns 220,522 shares of the company's stock, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,800 shares of company stock valued at $8,605,024. Company insiders own 12.52% of the company's stock.

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Nuvalent Trading Up 0.4 %

Shares of NASDAQ NUVL traded up $0.32 during trading on Friday, reaching $77.96. The company had a trading volume of 612,588 shares, compared to its average volume of 459,721. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The stock has a market capitalization of $5.58 billion, a PE ratio of -22.47 and a beta of 1.42. The stock has a 50-day moving average price of $78.56 and a two-hundred day moving average price of $87.66.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). On average, sell-side analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NUVL. HC Wainwright reissued a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $113.10.

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.