5,700 Shares in Nuvalent, Inc. $NUVL Acquired by Strs Ohio

Key Points

• Strs Ohio acquired 5,700 shares of Nuvalent, Inc., valued at approximately $404,000, highlighting increasing institutional interest in the company.
• Analysts have upgraded Nuvalent's target prices, with Guggenheim setting a new target at $122.00 and Leerink Partners raising theirs to $140.00, underlining positive market sentiment.
• Insider selling was noted, with CEO James Richard Porter selling 27,000 shares, representing a 9.78% decrease in his ownership, contributing to a broader trend of insider sales in recent months.

Strs Ohio bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,700 shares of the company's stock, valued at approximately $404,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Exchange Traded Concepts LLC lifted its position in shares of Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after buying an additional 161 shares during the period. GF Fund Management CO. LTD. lifted its position in shares of Nuvalent by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock worth $119,000 after buying an additional 302 shares during the period. CWM LLC lifted its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent during the 1st quarter worth approximately $38,000. Finally, E Fund Management Co. Ltd. lifted its position in shares of Nuvalent by 13.6% during the 1st quarter. E Fund Management Co. Ltd. now owns 4,785 shares of the company's stock worth $339,000 after buying an additional 572 shares during the period. Institutional investors own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of several analyst reports. Robert W. Baird raised their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Guggenheim initiated coverage on Nuvalent in a research report on Thursday, September 4th. They set a "buy" rating and a $122.00 target price for the company. Leerink Partners lifted their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Finally, Raymond James Financial assumed coverage on Nuvalent in a research report on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. Based on data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and a consensus target price of $119.50.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $20,490,330.74. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 8,630 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the completion of the transaction, the insider directly owned 63,101 shares in the company, valued at $5,039,876.87. The trade was a 12.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,670 shares of company stock valued at $11,868,709. 10.20% of the stock is owned by insiders.

Nuvalent Stock Up 2.9%

NASDAQ:NUVL opened at $78.90 on Tuesday. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $108.50. The stock's 50 day moving average price is $78.42 and its two-hundred day moving average price is $75.51. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of -16.10 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the prior year, the business earned ($0.88) earnings per share. Equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.

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