Nuvalent, Inc. $NUVL Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its holdings in Nuvalent, Inc. by 51.3%, owning 282,046 shares valued at approximately $20 million.
• Analyst upgrades for Nuvalent include recommendations from several brokerages, with price targets ranging from $112.00 to $140.00, reflecting a consensus rating of "Buy".
• Insider trading activity includes CEO James Richard Porter and CFO Alexandra Balcom selling a combined total of 47,000 shares, indicating a decrease in their ownership positions.

American Century Companies Inc. boosted its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 51.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 282,046 shares of the company's stock after acquiring an additional 95,661 shares during the quarter. American Century Companies Inc. owned 0.39% of Nuvalent worth $20,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC acquired a new position in Nuvalent in the fourth quarter valued at $87,689,000. Vestal Point Capital LP acquired a new stake in Nuvalent in the 4th quarter valued at $46,968,000. Polar Capital Holdings Plc increased its holdings in Nuvalent by 161.2% in the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after purchasing an additional 584,223 shares in the last quarter. Paradigm Biocapital Advisors LP increased its holdings in Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Finally, Braidwell LP acquired a new stake in Nuvalent in the 4th quarter valued at $18,884,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NUVL. Leerink Partners increased 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. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. HC Wainwright reissued a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Finally, Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of "Buy" and a consensus price target of $118.91.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $20,490,330.74. This trade represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the transaction, the chief financial officer directly 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. Insiders sold a total of 118,145 shares of company stock valued at $9,455,872 in the last ninety days. Corporate insiders own 10.20% of the company's stock.

Nuvalent Price Performance

Shares of NUVL stock opened at $76.08 on Friday. The firm has a market cap of $5.49 billion, a P/E ratio of -15.53 and a beta of 1.30. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The firm has a fifty day moving average of $78.55 and a two-hundred day moving average of $75.50.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data 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 prior year, the business earned ($0.88) EPS. On average, sell-side 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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