Nuvalent, Inc. $NUVL Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. decreased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,439,838 shares of the company's stock after selling 60,026 shares during the period. Vanguard Group Inc. owned about 6.20% of Nuvalent worth $314,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its stake in shares of Nuvalent by 10.8% in the first 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. Summit Investment Advisors Inc. increased its stake in shares of Nuvalent by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock worth $288,000 after purchasing an additional 167 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 worth $1,846,000 after purchasing an additional 188 shares in the last quarter. 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 worth $119,000 after purchasing an additional 302 shares in the last quarter. Finally, CWM LLC grew its stake in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after acquiring an additional 359 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

NASDAQ:NUVL traded up $2.43 during trading hours on Friday, hitting $76.08. 407,091 shares of the company were exchanged, compared to its average volume of 509,960. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of -15.53 and a beta of 1.30. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51. The company's 50 day moving average price is $78.55 and its 200-day moving average price is $75.59.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results 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 in the prior year, the firm earned ($0.88) EPS. On average, equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 5,500 shares of Nuvalent stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $74.85, for a total transaction of $411,675.00. Following the completion of the sale, the insider directly owned 60,956 shares in the company, valued at approximately $4,562,556.60. The trade was a 8.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $18,784,256.04. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,145 shares of company stock worth $9,455,872. Company insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Piper Sandler started coverage on shares of Nuvalent in a research note on Tuesday. They set an "overweight" rating and a $112.00 target price for the company. Leerink Partners lifted their price objective 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. Robert W. Baird lifted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. HC Wainwright restated a "buy" rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to MarketBeat, Nuvalent presently has an average rating of "Buy" and a consensus target price of $118.91.

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.