T. Rowe Price Investment Management Inc. Takes $31.97 Million Position 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. acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 450,774 shares of the company's stock, valued at approximately $31,969,000. T. Rowe Price Investment Management Inc. owned 0.63% of Nuvalent at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NUVL. Boxer Capital Management LLC bought a new position in shares of Nuvalent in the 4th quarter valued at about $87,689,000. Vestal Point Capital LP bought a new position in shares of Nuvalent in the 4th quarter valued at about $46,968,000. Polar Capital Holdings Plc grew its position in shares of Nuvalent by 161.2% in the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after acquiring an additional 584,223 shares during the period. Paradigm Biocapital Advisors LP grew its position in shares of Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after acquiring an additional 363,379 shares during the period. Finally, Braidwell LP bought a new position in shares of Nuvalent in the 4th quarter valued at about $18,884,000. Institutional investors own 97.26% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on NUVL. Wedbush reaffirmed an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, July 21st. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Piper Sandler began 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. HC Wainwright reaffirmed a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Leerink Partners lifted 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 analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $120.80.

Nuvalent Price Performance

Nuvalent stock traded up $0.37 during midday trading on Friday, hitting $76.39. The company's stock had a trading volume of 85,370 shares, compared to its average volume of 530,821. 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 $78.51 and a two-hundred day moving average price of $75.29. The company has a market cap of $5.51 billion, a price-to-earnings ratio of -15.59 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the business posted ($0.88) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insiders Place Their Bets

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

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.