Charles Schwab Investment Management Inc. Lowers Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Nuvalent, Inc. by 1.8%, now holding approximately 317,764 shares worth $22.5 million.
• Several hedge funds increased their positions in Nuvalent, with Paradigm Biocapital Advisors LP boosting its holdings by 7.3% and Polar Capital Holdings Plc increasing theirs by a notable 161.2% during the previous quarter.
• Nuvalent has received positive ratings from analysts, with Piper Sandler initiating coverage at an "overweight" rating and a target price of $112, and the average target price among analysts currently sitting at $118.91.

Charles Schwab Investment Management Inc. decreased its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 317,764 shares of the company's stock after selling 5,805 shares during the period. Charles Schwab Investment Management Inc. owned about 0.44% of Nuvalent worth $22,536,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. CWM LLC grew its position in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after acquiring an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Nuvalent during the first quarter valued at about $38,000. Quarry LP bought a new stake in Nuvalent during the fourth quarter worth about $39,000. GF Fund Management CO. LTD. purchased a new position in shares of Nuvalent in the 4th quarter worth about $108,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

Nuvalent stock traded up $2.43 during trading hours on Friday, reaching $76.08. The company had a trading volume of 407,091 shares, compared to its average volume of 509,960. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $113.51. The company has a 50-day moving average price of $78.55 and a 200 day moving average price of $75.50. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of -15.53 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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 in the previous year, the firm earned ($0.88) earnings per share. As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NUVL shares. HC Wainwright reissued a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Robert W. Baird boosted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, July 21st. Finally, Leerink Partners increased their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $118.91.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $4,939,954.68. The trade was a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,145 shares of company stock worth $9,455,872. 10.20% of the stock is currently owned by corporate insiders.

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.