Aberdeen Group plc Increases Stake in Nuvalent, Inc. $NUVL

Key Points

• Aberdeen Group plc increased its stake in Nuvalent, Inc. by 35.2%, acquiring a total of 76,688 shares valued at approximately $5.4 million after purchasing an additional 19,987 shares.
• Wall Street analysts have a positive outlook on Nuvalent, with multiple firms raising price targets and issuing ratings such as "outperform" and "strong-buy," resulting in a consensus price target of $118.91.
• CEO James Richard Porter sold 27,000 shares of Nuvalent stock recently, reducing his ownership by 9.78%, while insiders have collectively sold 118,145 shares in the last quarter.

Aberdeen Group plc boosted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 35.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,688 shares of the company's stock after purchasing an additional 19,987 shares during the quarter. Aberdeen Group plc owned about 0.11% of Nuvalent worth $5,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. E Fund Management Co. Ltd. boosted its position in Nuvalent by 13.6% during the first quarter. E Fund Management Co. Ltd. now owns 4,785 shares of the company's stock valued at $339,000 after purchasing an additional 572 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Nuvalent by 14,012.0% in the first quarter. Russell Investments Group Ltd. now owns 110,356 shares of the company's stock valued at $7,826,000 after buying an additional 109,574 shares during the last quarter. Nuveen LLC purchased a new stake in Nuvalent in the first quarter valued at about $5,956,000. Invesco Ltd. raised its stake in Nuvalent by 3.4% in the first quarter. Invesco Ltd. now owns 65,674 shares of the company's stock valued at $4,658,000 after buying an additional 2,149 shares during the last quarter. Finally, Covestor Ltd raised its stake in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Up 1.2%

Shares of NASDAQ:NUVL traded up $0.88 during trading on Tuesday, hitting $74.93. The stock had a trading volume of 359,402 shares, compared to its average volume of 437,023. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $113.51. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -15.29 and a beta of 1.30. The stock has a 50-day simple moving average of $78.49 and a two-hundred day simple moving average of $75.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the previous year, the firm posted ($0.88) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. Piper Sandler started coverage on Nuvalent in a research note on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target for the company. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Robert W. Baird increased their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, Leerink Partners increased their price target on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $118.91.

Insider Activity at Nuvalent

In related news, insider Henry E. Pelish sold 8,630 shares of Nuvalent stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the completion of the transaction, the insider directly owned 63,101 shares in the company, valued at approximately $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $80.02, for a total value of $1,600,400.00. Following the transaction, the chief financial officer owned 61,734 shares of the company's stock, valued at approximately $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,145 shares of company stock worth $9,455,872. 10.20% of the stock is owned by corporate insiders.

About Nuvalent

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.