T. Rowe Price Investment Management Inc. Makes New $31.97 Million Investment in Nuvalent, Inc. $NUVL

Key Points

• T. Rowe Price Investment Management Inc. has acquired a new investment of approximately $31.97 million in Nuvalent, Inc., purchasing 450,774 shares and owning about 0.63% of the company as of the latest SEC filing.
• Several institutional investors have increased their stakes in Nuvalent, with a total of 97.26% of the company's stock owned by institutional investors and hedge funds.
• Wall Street analysts are optimistic about Nuvalent, with one "Strong Buy" rating and eleven "Buy" ratings, leading to a consensus price target of $118.91.

T. Rowe Price Investment Management Inc. bought a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 450,774 shares of the company's stock, valued at approximately $31,969,000. T. Rowe Price Investment Management Inc. owned approximately 0.63% of Nuvalent as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC increased its holdings in 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. Parkman Healthcare Partners LLC increased its stake in shares of Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock valued at $1,846,000 after buying an additional 188 shares during the period. GF Fund Management CO. LTD. increased its stake in shares of Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock valued at $119,000 after buying an additional 302 shares during the period. CWM LLC increased its stake in shares of Nuvalent by 588.5% in the first 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. Finally, Quarry LP acquired a new stake in shares of Nuvalent in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several recent research reports. Robert W. Baird increased their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. Leerink Partners increased their price target on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. Piper Sandler initiated coverage on Nuvalent in a research note on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target for the company. Finally, The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $118.91.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $76.08 on Friday. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $113.51. The stock's 50-day moving average is $78.55 and its 200 day moving average is $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 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 quarter in the prior year, the company posted ($0.88) earnings per share. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 8,630 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total value of $689,278.10. Following the transaction, the insider owned 63,101 shares in the company, valued at approximately $5,039,876.87. This represents a 12.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the 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 owned 61,734 shares in the company, valued at approximately $4,939,954.68. The trade was a 24.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,145 shares of company stock worth $9,455,872. Corporate insiders own 10.20% of the company's stock.

Nuvalent 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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