Nuvalent, Inc. (NASDAQ:NUVL) Stock Holdings Raised by Ameriprise Financial Inc.

Ameriprise Financial Inc. raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 260.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,556 shares of the company's stock after purchasing an additional 171,725 shares during the period. Ameriprise Financial Inc. owned about 0.33% of Nuvalent worth $18,595,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its position in shares of Nuvalent by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock valued at $288,000 after buying an additional 167 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after acquiring an additional 309 shares during the period. Crowley Wealth Management Inc. acquired a new position in Nuvalent in the 4th quarter valued at $27,000. Alliancebernstein L.P. lifted its stake in shares of Nuvalent by 1.3% during the 4th quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock worth $3,101,000 after purchasing an additional 500 shares during the period. Finally, Quarry LP acquired a new stake in shares of Nuvalent during the fourth quarter worth $39,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,000 shares of company stock valued at $6,185,150. Company insiders own 12.52% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on NUVL. 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 note on Friday, March 14th. HC Wainwright restated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Nuvalent Trading Down 0.0%

Shares of Nuvalent stock traded down $0.01 during trading hours on Monday, reaching $73.31. The stock had a trading volume of 364,124 shares, compared to its average volume of 488,545. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of -21.13 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The firm has a 50 day simple moving average of $71.54 and a two-hundred day simple moving average of $79.67.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the previous year, the firm posted ($0.69) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Nuvalent 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.