Vanguard Group Inc. Trims Position in Nuvalent, Inc. $NUVL

Vanguard Group Inc. lessened 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 disclosure with the SEC. The fund owned 4,439,838 shares of the company's stock after selling 60,026 shares during the quarter. Vanguard Group Inc. owned approximately 6.20% of Nuvalent worth $314,873,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NUVL. CWM LLC boosted its position 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 during the last quarter. ANTIPODES PARTNERS Ltd bought a new stake in Nuvalent during the 1st quarter worth approximately $38,000. Quarry LP bought a new stake in Nuvalent during the 4th quarter worth approximately $39,000. GF Fund Management CO. LTD. purchased a new stake in Nuvalent in the 4th quarter valued at about $108,000. Finally, Exchange Traded Concepts LLC increased its stake 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 buying an additional 161 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $74.85, for a total value of $411,675.00. Following the sale, the insider owned 60,956 shares in the company, valued at approximately $4,562,556.60. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the completion of the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $18,784,256.04. This represents a 9.78% 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. 10.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. Piper Sandler assumed coverage on shares of Nuvalent in a report on Tuesday. They issued an "overweight" rating and a $112.00 price objective for the company. Robert W. Baird raised their price target on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat.com, Nuvalent presently has an average rating of "Buy" and a consensus target price of $118.91.

Nuvalent Trading Down 0.5%

Shares of NUVL stock traded down $0.34 during mid-day trading on Tuesday, reaching $74.67. The stock had a trading volume of 295,563 shares, compared to its average volume of 509,641. The stock's 50-day moving average price is $78.76 and its two-hundred day moving average price is $75.76. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51. The firm has a market capitalization of $5.38 billion, a PE ratio of -15.24 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the firm posted ($0.88) EPS. On average, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.