Nuvalent, Inc. $NUVL Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Nuvalent, Inc. by 14,012.0% in Q1, resulting in the ownership of 110,356 shares valued at approximately $7.83 million.
• Nuvalent's shares are being positively regarded by analysts, with Goldman Sachs upgrading it to a "strong-buy" rating, and an average consensus price target of $118.91.
• The company reported a quarterly loss of ($1.31) per share, falling short of analysts' expectations by $0.04, and forecasts a yearly EPS of -3.86.

Russell Investments Group Ltd. lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 14,012.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,356 shares of the company's stock after purchasing an additional 109,574 shares during the period. Russell Investments Group Ltd. owned about 0.15% of Nuvalent worth $7,826,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NUVL. CWM LLC boosted its holdings in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after purchasing an additional 359 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in Nuvalent during the 1st quarter worth about $38,000. Quarry LP purchased a new stake in Nuvalent during the 4th quarter worth about $39,000. Covestor Ltd lifted its holdings in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after buying an additional 861 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in Nuvalent during the 4th quarter worth about $108,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NUVL has been the subject of a number of recent analyst reports. Leerink Partners lifted their price target on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. Robert W. Baird lifted their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. HC Wainwright reaffirmed a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Piper Sandler initiated coverage on Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target for the company. 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. According to MarketBeat, Nuvalent presently has a consensus rating of "Buy" and a consensus target price of $118.91.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at $20,490,330.74. The trade was a 9.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Henry E. Pelish sold 8,630 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the completion of the transaction, the insider owned 63,101 shares in the company, valued at $5,039,876.87. This trade represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,145 shares of company stock worth $9,455,872 in the last quarter. Company insiders own 10.20% of the company's stock.

Nuvalent Stock Down 2.7%

NUVL stock traded down $2.03 during trading on Monday, hitting $74.05. The company had a trading volume of 182,020 shares, compared to its average volume of 462,788. The firm has a market cap of $5.34 billion, a PE ratio of -15.11 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 50-day moving average price of $78.51 and a 200-day moving average price of $75.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results 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 quarter in the previous year, the business posted ($0.88) earnings per share. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.