Nuvalent, Inc. (NASDAQ:NUVL) Stock Position Reduced by Sei Investments Co.

Sei Investments Co. decreased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 44.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,016 shares of the company's stock after selling 5,659 shares during the quarter. Sei Investments Co.'s holdings in Nuvalent were worth $549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of NUVL. US Bancorp DE purchased a new stake in Nuvalent during the 4th quarter valued at about $90,000. KBC Group NV raised its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after purchasing an additional 309 shares during the period. Cibc World Markets Corp purchased a new position in Nuvalent during the 4th quarter valued at about $257,000. Finally, E Fund Management Co. Ltd. lifted its holdings in Nuvalent by 53.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 4,213 shares of the company's stock worth $330,000 after buying an additional 1,460 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the transaction, the director now owns 218,522 shares of the company's stock, valued at $18,091,436.38. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,000 shares of company stock worth $6,541,080. Company insiders own 12.52% of the company's stock.

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Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NUVL shares. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, March 14th. Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $113.44.

Nuvalent Trading Down 0.2 %

NUVL traded down $0.14 on Tuesday, reaching $69.87. The stock had a trading volume of 45,282 shares, compared to its average volume of 474,448. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The company has a market cap of $5.00 billion, a P/E ratio of -20.12 and a beta of 1.43. The business's 50-day moving average price is $73.86 and its two-hundred day moving average price is $84.22.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.