Nuvalent, Inc. $NUVL Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in Nuvalent, Inc. by 2.2%, now owning about 0.46% of the company worth $23.3 million after selling 7,219 shares in the first quarter.
• Insider selling was reported, including CEO James Richard Porter who sold 27,000 shares for over $2.2 million, reflecting a 9.78% decrease in his position at the company.
• Nuvalent recently missed EPS estimates with reported losses of ($1.31) per share, while analysts expect an EPS of -3.86 for the current fiscal year.

Northern Trust Corp lowered its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 2.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 328,331 shares of the company's stock after selling 7,219 shares during the quarter. Northern Trust Corp owned about 0.46% of Nuvalent worth $23,285,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Nuvalent by 5,549.7% in the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after acquiring an additional 9,823 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Nuvalent by 23.4% in the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after acquiring an additional 3,965 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Nuvalent by 51.3% in the first quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock valued at $20,003,000 after acquiring an additional 95,661 shares in the last quarter. First Trust Advisors LP boosted 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 acquiring an additional 1,685 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Nuvalent by 58.8% in the first quarter. US Bancorp DE now owns 1,836 shares of the company's stock valued at $130,000 after acquiring an additional 680 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the completion of the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $20,490,330.74. This trade represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Henry E. Pelish sold 8,630 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the completion of the transaction, the insider directly owned 63,101 shares of the company's stock, valued at $5,039,876.87. This represents a 12.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,145 shares of company stock valued at $9,455,872. Company insiders own 10.20% of the company's stock.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $76.58 on Monday. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.29. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The company has a 50 day moving average price of $78.54 and a 200 day moving average price of $75.17.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period in the previous year, the business earned ($0.88) EPS. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Ratings Changes

NUVL has been the subject of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price objective for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird raised 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. Finally, Leerink Partners raised 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. One investment analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. According to data from MarketBeat, Nuvalent currently has a consensus rating of "Buy" and a consensus target price of $120.80.

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.

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