Nuvalent, Inc. $NUVL Shares Bought by TD Asset Management Inc

Key Points

• TD Asset Management Inc significantly increased its stake in Nuvalent, Inc. by 47.4%, owning 98,900 shares valued at approximately $7.55 million.
• Nuvalent reported a quarterly loss of ($1.31) EPS, missing estimates and down from a loss of ($0.88) EPS a year ago.
• Several analysts have issued ratings for Nuvalent, with an average target price of $120.00 and most recommendations noting a "Moderate Buy" sentiment.

TD Asset Management Inc boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 47.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,900 shares of the company's stock after buying an additional 31,822 shares during the quarter. TD Asset Management Inc owned approximately 0.14% of Nuvalent worth $7,546,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC grew its position in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new stake in Nuvalent during the first quarter valued at $38,000. Covestor Ltd grew its position in shares of Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 861 shares during the period. Farther Finance Advisors LLC grew its position in shares of Nuvalent by 9,230.8% in the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after purchasing an additional 1,200 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in shares of Nuvalent by 10.8% in the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock valued at $117,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Trading Up 2.3%

NASDAQ:NUVL opened at $92.52 on Monday. The company's 50-day moving average price is $80.32 and its 200-day moving average price is $77.04. The company has a market cap of $6.67 billion, a P/E ratio of -18.88 and a beta of 1.30. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $104.81.

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

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $5,464,076.34. The trade was a 24.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Deborah Ann Miller sold 15,624 shares of Nuvalent stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $89.98, for a total transaction of $1,405,847.52. Following the transaction, the insider directly owned 49,086 shares in the company, valued at $4,416,758.28. This trade represents a 24.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 191,771 shares of company stock valued at $16,298,129. Corporate insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 target price on the stock. HC Wainwright reiterated a "buy" rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvalent in a research report on Wednesday, October 8th. Leerink Partners lifted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Finally, Stifel Nicolaus assumed coverage on shares of Nuvalent in a research report on Thursday. They issued a "buy" rating and a $115.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and an average price target of $120.00.

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.

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