TD Asset Management Inc Increases Position in Nuvalent, Inc. (NASDAQ:NUVL)

Key Points

• TD Asset Management Inc increased its position in Nuvalent, Inc. by 53.6% during the first quarter, acquiring an additional 23,412 shares and owning a total of 67,078 shares worth approximately $4.76 million.
• Multiple hedge funds have also raised their stakes in Nuvalent, contributing to the institutional ownership which now stands at 97.26%.
• Analysts are optimistic about Nuvalent, with ten ratings of "buy" and a consensus price target of $119.60, reflecting strong confidence in its stock performance.

TD Asset Management Inc boosted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 53.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 67,078 shares of the company's stock after buying an additional 23,412 shares during the period. TD Asset Management Inc owned 0.09% of Nuvalent worth $4,757,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in 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 purchasing an additional 9,823 shares during the period. New York State Common Retirement Fund raised its position in 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 purchasing an additional 3,965 shares during the period. First Trust Advisors LP raised its position in 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 purchasing an additional 1,685 shares during the period. Price T Rowe Associates Inc. MD raised its position in Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after purchasing an additional 215,633 shares during the period. Finally, Rhumbline Advisers raised its position in Nuvalent by 5.1% in the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after purchasing an additional 2,572 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Henry E. Pelish sold 8,630 shares of the firm's stock in a transaction 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 sale, the insider owned 63,101 shares in the company, valued at $5,039,876.87. This trade represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,645 shares of company stock valued at $7,007,857. Corporate insiders own 10.20% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on NUVL. Leerink Partners lifted their target price on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Robert W. Baird boosted their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Finally, HC Wainwright reiterated a "buy" rating and issued a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $119.60.

Nuvalent Stock Performance

NASDAQ NUVL traded up $0.59 during mid-day trading on Monday, hitting $78.35. The stock had a trading volume of 578,190 shares, compared to its average volume of 482,791. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51. The company has a 50 day simple moving average of $78.69 and a 200 day simple moving average of $76.23.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the firm earned ($0.69) earnings per share. Sell-side analysts expect 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.