Russell Investments Group Ltd. Has $7.83 Million Position in Nuvalent, Inc. $NUVL

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 shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 14,012.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,356 shares of the company's stock after acquiring an additional 109,574 shares during the period. Russell Investments Group Ltd. owned approximately 0.15% of Nuvalent worth $7,826,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN grew its holdings in shares of Nuvalent by 32.4% during the fourth quarter. Wells Fargo & Company MN now owns 21,220 shares of the company's stock worth $1,661,000 after buying an additional 5,195 shares in the last quarter. Legal & General Group Plc boosted its position in Nuvalent by 13.5% during the 4th quarter. Legal & General Group Plc now owns 40,387 shares of the company's stock worth $3,161,000 after acquiring an additional 4,794 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Nuvalent during the 4th quarter worth approximately $712,000. Guggenheim Capital LLC grew its stake in shares of Nuvalent by 10.4% during the 4th quarter. Guggenheim Capital LLC now owns 11,050 shares of the company's stock worth $865,000 after acquiring an additional 1,040 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Nuvalent by 3.9% in the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock valued at $3,487,000 after purchasing an additional 1,685 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Nuvalent Trading Up 3.3%

NASDAQ:NUVL traded up $2.43 on Friday, hitting $76.08. The company's stock had a trading volume of 407,091 shares, compared to its average volume of 509,960. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $113.51. The stock has a fifty day moving average of $78.55 and a two-hundred day moving average of $75.59. The firm has a market capitalization of $5.49 billion, a P/E ratio of -15.53 and a beta of 1.30.

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 analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter last year, the company posted ($0.88) earnings per share. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $18,784,256.04. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alexandra Balcom sold 14,700 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value of $1,250,970.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,253,563.40. This represents a 19.23% 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 worth $9,455,872 over the last quarter. Company insiders own 10.20% of the company's stock.

Analyst Ratings Changes

NUVL has been the subject of several recent research reports. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. HC Wainwright restated a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, July 21st. Leerink Partners upped their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Finally, Robert W. Baird increased their price target on 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 given a Buy rating to the stock. According to data from MarketBeat, Nuvalent currently has an average rating of "Buy" and an average price target of $118.91.

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.