Nuveen LLC Buys Shares of 83,976 Nuvalent, Inc. $NUVL

Key Points

• Nuveen LLC acquired 83,976 shares of Nuvalent, Inc. (NASDAQ:NUVL), representing a new stake valued at approximately $5,956,000 during the 1st quarter.
• Insiders, including CEO James Richard Porter, have sold significant amounts of stock in recent months, with total insider sales amounting to $9.45 million over the last ninety days.
• Analysts maintain a positive outlook on Nuvalent, with twelve ratings indicating a "Buy" or "Strong Buy," and a consensus target price of $118.91.

Nuveen LLC bought a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 83,976 shares of the company's stock, valued at approximately $5,956,000. Nuveen LLC owned 0.12% of Nuvalent at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of NUVL. CWM LLC increased its stake in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent during the 1st quarter valued at about $38,000. Quarry LP acquired a new position in Nuvalent during the 4th quarter valued at about $39,000. Covestor Ltd increased its stake in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new position in Nuvalent during the 4th quarter valued at about $108,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 8,630 shares of the firm'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 directly owned 63,101 shares in the company, valued at $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction 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. The trade was a 9.78% 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 ninety days. 10.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on NUVL. Robert W. Baird raised their target price on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Piper Sandler started coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price objective for the company. Wedbush restated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, July 21st. Leerink Partners raised their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $118.91.

Nuvalent Price Performance

Shares of NUVL opened at $74.05 on Tuesday. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $113.51. The company has a 50-day moving average of $78.51 and a two-hundred day moving average of $75.34. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of -15.11 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) EPS. Analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.

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