Aberdeen Group plc Acquires 19,987 Shares of 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 holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 35.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC boosted its position in shares of Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares in the last quarter. Quarry LP bought a new position in Nuvalent during the 4th quarter valued at approximately $39,000. ANTIPODES PARTNERS Ltd purchased a new position in Nuvalent during the first quarter valued at $38,000. Covestor Ltd boosted its holdings in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after acquiring an additional 861 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new stake in Nuvalent in the fourth quarter worth $108,000. Institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several analyst reports. Leerink Partners raised their price target on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. HC Wainwright reaffirmed a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Piper Sandler started coverage on shares of Nuvalent in a research note on Tuesday. They issued an "overweight" rating and a $112.00 target price on the stock. Finally, Robert W. Baird increased their price target on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and a consensus price target of $118.91.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Friday, August 15th. The stock was sold at an average price of $75.42, for a total value of $2,036,340.00. Following the completion of the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at $18,784,256.04. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $74.85, for a total value of $411,675.00. Following the sale, the insider owned 60,956 shares of the company's stock, valued at approximately $4,562,556.60. This trade represents a 8.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,145 shares of company stock valued at $9,455,872. Company insiders own 10.20% of the company's stock.

Nuvalent Stock Performance

NUVL opened at $73.24 on Thursday. The company's 50-day simple moving average is $78.68 and its two-hundred day simple moving average is $75.74. The stock has a market capitalization of $5.28 billion, a P/E ratio of -14.95 and a beta of 1.30. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period in the previous year, the company posted ($0.88) EPS. Research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal 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.

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