Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 86.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,135 shares of the company's stock after selling 130,064 shares during the quarter. Victory Capital Management Inc.'s holdings in Nuvalent were worth $1,576,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. US Bancorp DE acquired a new position in shares of Nuvalent during the 4th quarter worth approximately $90,000. KBC Group NV increased 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 in the last quarter. Portland Investment Counsel Inc. purchased a new stake in shares of Nuvalent during the third quarter worth approximately $205,000. FORA Capital LLC purchased a new stake in shares of Nuvalent during the third quarter worth approximately $328,000. Finally, Valence8 US LP purchased a new stake in shares of Nuvalent during the third quarter worth approximately $421,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $0.32 during mid-day trading on Friday, reaching $77.96. 612,588 shares of the company's stock were exchanged, compared to its average volume of 459,721. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of -22.47 and a beta of 1.42. Nuvalent, Inc. has a 52-week low of $61.80 and a 52-week high of $113.51. The company's 50-day moving average is $78.56 and its 200-day moving average is $87.66.

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

Analyst Ratings Changes

Several brokerages recently commented on NUVL. HC Wainwright reiterated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Nuvalent currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.10.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 4,016 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $319,994.88. Following the transaction, the chief financial officer now owns 61,734 shares of the company's stock, valued at approximately $4,918,965.12. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $83.78, for a total value of $167,560.00. Following the transaction, the director now directly owns 220,522 shares in the company, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,800 shares of company stock valued at $8,605,024. Corporate insiders own 12.52% of the company's stock.

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.