Nuvalent, Inc. (NASDAQ:NUVL) Position Increased by Legal & General Group Plc

Legal & General Group Plc increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 13.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,387 shares of the company's stock after acquiring an additional 4,794 shares during the period. Legal & General Group Plc owned approximately 0.06% of Nuvalent worth $3,161,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the fourth quarter worth approximately $27,000. US Bancorp DE purchased a new position in Nuvalent in the 4th quarter valued at $90,000. KBC Group NV boosted its stake in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after purchasing an additional 602 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares during the last quarter. Finally, Diametric Capital LP purchased a new position in shares of Nuvalent in the fourth quarter worth about $212,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Price Performance

Shares of Nuvalent stock traded down $0.50 during trading on Friday, hitting $73.48. 199,070 shares of the stock were exchanged, compared to its average volume of 474,551. The firm's 50-day moving average price is $72.06 and its 200 day moving average price is $82.40. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -21.18 and a beta of 1.43. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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, research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the completion of the sale, the director now directly 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 sale was disclosed in a 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 on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,000 shares of company stock worth $6,350,730. 12.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on NUVL shares. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent 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.