Raymond James Financial Inc. Invests $10.49 Million in Nuvalent, Inc. (NASDAQ:NUVL)

Raymond James Financial Inc. acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 133,964 shares of the company's stock, valued at approximately $10,487,000. Raymond James Financial Inc. owned about 0.19% of Nuvalent at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE acquired a new position in Nuvalent during the fourth quarter valued at $90,000. KBC Group NV raised its stake in shares of Nuvalent by 61.1% during 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 last quarter. Portland Investment Counsel Inc. acquired a new position in shares of Nuvalent in the 3rd quarter valued at about $205,000. FORA Capital LLC purchased a new stake in shares of Nuvalent in the third quarter worth about $328,000. Finally, Valence8 US LP acquired a new stake in Nuvalent during the third quarter worth about $421,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 17,301 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 2,483 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares in the company, valued at $4,779,286.08. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,800 shares of company stock valued at $8,437,464 in the last 90 days. 12.52% of the stock is owned by insiders.

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Analysts Set New Price Targets

Several equities research analysts have commented on NUVL shares. Wedbush restated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reissued a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. One 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. According to MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average target price of $113.10.

Nuvalent Price Performance

Nuvalent stock traded down $0.82 during midday trading on Monday, reaching $77.14. The company had a trading volume of 428,656 shares, compared to its average volume of 511,799. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The firm's fifty day simple moving average is $78.56 and its 200-day simple moving average is $87.71. The company has a market capitalization of $5.52 billion, a P/E ratio of -22.23 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). On average, analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.