Ensign Peak Advisors Inc Trims Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Ensign Peak Advisors Inc lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 51.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 9,472 shares of the company's stock after selling 10,000 shares during the period. Ensign Peak Advisors Inc's holdings in Nuvalent were worth $741,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Boxer Capital Management LLC acquired a new position in Nuvalent during the fourth quarter worth $87,689,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Nuvalent by 142.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after buying an additional 400,000 shares during the period. Vanguard Group Inc. lifted its stake in Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after acquiring an additional 366,239 shares in the last quarter. Norges Bank acquired a new position in Nuvalent during the 4th quarter worth about $24,951,000. Finally, Wellington Management Group LLP boosted its holdings in Nuvalent by 27.0% during the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after acquiring an additional 272,738 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NUVL shares. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. HC Wainwright reissued a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $115.50.

Nuvalent Price Performance

Shares of NUVL traded down $0.77 during mid-day trading on Thursday, reaching $72.90. The company's stock had a trading volume of 40,508 shares, compared to its average volume of 487,394. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The stock has a market cap of $5.22 billion, a PE ratio of -20.94 and a beta of 1.42. The company's 50 day moving average is $71.52 and its 200 day moving average is $79.49.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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 prior year, the firm posted ($0.69) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred 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 owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,000 shares of company stock worth $4,066,730. Corporate insiders own 12.52% of the company's stock.

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.