Price T Rowe Associates Inc. MD Purchases 215,633 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Price T Rowe Associates Inc. MD increased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 19.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,297,910 shares of the company's stock after buying an additional 215,633 shares during the period. Price T Rowe Associates Inc. MD owned about 1.83% of Nuvalent worth $101,601,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Summit Investment Advisors Inc. grew its position in shares of Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock worth $288,000 after purchasing an additional 167 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Nuvalent by 13.4% during the 4th 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 in the last quarter. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $27,000. Alliancebernstein L.P. lifted its holdings in shares of Nuvalent by 1.3% in the fourth quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock worth $3,101,000 after buying an additional 500 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after acquiring an additional 602 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Nuvalent Price Performance

NASDAQ:NUVL opened at $73.48 on Monday. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -21.18 and a beta of 1.43. The business has a 50 day simple moving average of $72.06 and a 200-day simple moving average of $82.26. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

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 fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, UBS Group upgraded 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 investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

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.

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