Charles Schwab Investment Management Inc. Reduces Stock Holdings 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. lessened its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 317,764 shares of the company's stock after selling 5,805 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.44% of Nuvalent worth $22,536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. 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 worth $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Nuvalent by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after acquiring an additional 215,633 shares in the last quarter. Woodline Partners LP increased its holdings in Nuvalent by 0.9% in the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after acquiring an additional 11,248 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in Nuvalent in the 4th quarter worth $87,689,000. Finally, 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 worth $74,109,000 after acquiring an additional 584,223 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Up 1.6%

Shares of Nuvalent stock traded up $1.20 during trading hours on Wednesday, reaching $76.13. 220,183 shares of the company's stock were exchanged, compared to its average volume of 431,874. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The company has a market capitalization of $5.49 billion, a P/E ratio of -15.54 and a beta of 1.30. The business has a fifty day moving average of $78.50 and a two-hundred day moving average of $75.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period last year, the firm earned ($0.88) EPS. As a group, research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Activity at Nuvalent

In related news, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $74.85, for a total value of $411,675.00. Following the completion of the sale, the insider owned 60,956 shares of the company's stock, valued at approximately $4,562,556.60. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $18,784,256.04. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,145 shares of company stock valued at $9,455,872. 10.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NUVL. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners upped their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Robert W. Baird upped their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Finally, Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $118.91.

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.