Nuvalent, Inc. (NASDAQ:NUVL) Stake Increased by Vanguard Group Inc.

Vanguard Group Inc. lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 8.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,499,864 shares of the company's stock after buying an additional 366,239 shares during the quarter. Vanguard Group Inc. owned approximately 6.33% of Nuvalent worth $352,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in NUVL. Commonwealth Equity Services LLC boosted its stake 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 acquiring an additional 309 shares during the last quarter. KBC Group NV lifted 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 purchasing an additional 602 shares during the last quarter. US Bancorp DE acquired a new position in Nuvalent in the fourth quarter worth about $90,000. M&T Bank Corp increased its holdings in Nuvalent by 16.4% in the fourth quarter. M&T Bank Corp now owns 8,473 shares of the company's stock valued at $664,000 after buying an additional 1,192 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Nuvalent by 6.7% in the third quarter. MetLife Investment Management LLC now owns 19,737 shares of the company's stock valued at $2,019,000 after buying an additional 1,231 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

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Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the business's 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 sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction on 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 owns 218,522 shares of the company's stock, valued at approximately $18,091,436.38. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,000 shares of company stock worth $6,541,080. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Down 8.3 %

NUVL traded down $5.36 during trading hours on Tuesday, hitting $59.32. The company's stock had a trading volume of 926,381 shares, compared to its average volume of 472,749. The company has a 50-day simple moving average of $75.97 and a 200 day simple moving average of $85.46. The firm has a market capitalization of $4.25 billion, a PE ratio of -17.10 and a beta of 1.43. Nuvalent, Inc. has a fifty-two week low of $58.74 and a fifty-two week 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) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on NUVL shares. UBS Group upgraded 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. HC Wainwright reissued a "buy" rating and set a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $113.44.

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.