Price T Rowe Associates Inc. MD Raises Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Price T Rowe Associates Inc. MD has increased its stake in Nuvalent, Inc. by 11.8%, now holding approximately 2.03% of the company, valued at $102.9 million.
• Recent research reports have boosted target prices for Nuvalent, with Leerink Partners setting a new target of $140.00, indicating strong optimism among analysts.
• Despite a growth in institutional investments, Nuvalent's stock has decreased by 2.7% and reported a quarterly loss that missed analyst expectations.

Price T Rowe Associates Inc. MD grew its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 11.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,450,602 shares of the company's stock after purchasing an additional 152,692 shares during the period. Price T Rowe Associates Inc. MD owned about 2.03% of Nuvalent worth $102,878,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Paradigm Biocapital Advisors LP increased its stake in Nuvalent by 7.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares during the period. Wellington Management Group LLP increased its stake in Nuvalent by 12.3% during the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after purchasing an additional 157,809 shares during the period. Woodline Partners LP increased its stake in Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after purchasing an additional 11,248 shares during the period. Boxer Capital Management LLC purchased a new stake in Nuvalent during the fourth quarter worth about $87,689,000. Finally, Polar Capital Holdings Plc increased its stake in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after buying an additional 584,223 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of recent research reports. 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 research note on Tuesday, June 24th. HC Wainwright restated a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Piper Sandler initiated coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. Finally, Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $118.91.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 20,000 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $80.02, for a total value 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 $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Henry E. Pelish sold 8,630 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,145 shares of company stock valued at $9,455,872 over the last three months. 10.20% of the stock is owned by corporate insiders.

Nuvalent Stock Down 2.7%

Shares of NUVL opened at $74.05 on Tuesday. The stock has a 50 day moving average price of $78.51 and a 200 day moving average price of $75.34. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -15.11 and a beta of 1.30. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly 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 quarter in the previous year, the business earned ($0.88) earnings per share. On average, equities analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal 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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