Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 196.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,768 shares of the company's stock after acquiring an additional 173,987 shares during the quarter. Bank of America Corp DE owned approximately 0.37% of Nuvalent worth $20,569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Summit Investment Advisors Inc. raised its stake in Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock worth $288,000 after acquiring an additional 167 shares during the period. Commonwealth Equity Services LLC grew its position 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 purchasing an additional 309 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in Nuvalent in the 4th quarter worth about $27,000. Alliancebernstein L.P. grew its position in Nuvalent by 1.3% in 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 last quarter. Finally, Quarry LP bought a new position in Nuvalent in the 4th quarter worth about $39,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on NUVL. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, March 14th. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. One investment 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 company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.50.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the firm's 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 completion of the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $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. Insiders sold 56,000 shares of company stock worth $4,066,730 over the last three months. Corporate insiders own 12.52% of the company's stock.

Nuvalent Price Performance

Nuvalent stock opened at $73.31 on Tuesday. The firm has a 50 day simple moving average of $71.56 and a 200-day simple moving average of $79.55. The stock has a market capitalization of $5.25 billion, a PE ratio of -21.13 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51.

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