TD Asset Management Inc Has $4.76 Million Stake 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 grew its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 53.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 approximately 0.09% of Nuvalent worth $4,757,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC raised its stake in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Nuvalent in the first quarter valued at approximately $38,000. Quarry LP bought a new stake in shares of Nuvalent during the fourth quarter worth $39,000. GF Fund Management CO. LTD. acquired a new stake in shares of Nuvalent during the fourth quarter worth $108,000. Finally, Exchange Traded Concepts LLC lifted its position in Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock valued at $117,000 after acquiring an additional 161 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 14,700 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at $5,253,563.40. This represents a 19.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Henry E. Pelish sold 5,500 shares of Nuvalent stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $79.98, for a total value of $439,890.00. Following the completion of the transaction, the insider owned 60,956 shares in the company, valued at approximately $4,875,260.88. This represents a 8.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,645 shares of company stock valued at $7,007,857. Company insiders own 10.20% of the company's stock.

Nuvalent Stock Down 2.6%

Shares of NUVL traded down $2.05 during mid-day trading on Wednesday, hitting $76.57. 233,597 shares of the company's stock were exchanged, compared to its average volume of 544,037. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of -17.34 and a beta of 1.30. The stock's 50-day simple moving average is $78.91 and its 200-day simple moving average is $76.26. 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 released its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the business earned ($0.69) earnings per share. Analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

About Nuvalent

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.