Victory Capital Management Inc. Has $15.37 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Victory Capital Management Inc. lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 13.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,199 shares of the company's stock after selling 22,430 shares during the quarter. Victory Capital Management Inc. owned about 0.23% of Nuvalent worth $15,365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quest Partners LLC acquired a new stake in Nuvalent during the second quarter worth $44,000. Amalgamated Bank boosted its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock worth $84,000 after buying an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Nuvalent during the first quarter worth $121,000. Mount Yale Investment Advisors LLC acquired a new stake in Nuvalent during the first quarter worth $202,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock worth $213,000 after buying an additional 382 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NUVL. Stifel Nicolaus lifted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Lifesci Capital upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $112.60.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares of the company's stock, valued at approximately $19,240,197.64. This represents a 12.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,804,859. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is owned by company insiders.

Nuvalent Trading Up 0.1 %

Shares of Nuvalent stock traded up $0.11 during trading on Wednesday, reaching $91.17. The company's stock had a trading volume of 264,769 shares, compared to its average volume of 439,370. The stock has a market capitalization of $5.91 billion, a P/E ratio of -26.27 and a beta of 1.33. Nuvalent, Inc. has a one year low of $58.80 and a one year high of $113.51. The stock has a 50-day moving average price of $97.43 and a two-hundred day moving average price of $83.57.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the company earned ($0.59) earnings per share. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.8 EPS for the current fiscal year.

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.