Victory Capital Management Inc. Buys 6,392 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Key Points

• Victory Capital Management Inc. increased its stake in Nuvalent, Inc. by 31.7%, now holding 26,527 shares valued at approximately $1.88 million.
• Several large investors, including GAMMA Investing LLC and Price T Rowe Associates Inc. MD, have also significantly raised their positions in Nuvalent, collectively owning over 97% of the stock alongside hedge funds.
• Wall Street analysts are optimistic about Nuvalent, with ten analysts rating it as a "buy" or "strong buy", and an average price target of $119.60.

Victory Capital Management Inc. lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 31.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,527 shares of the company's stock after purchasing an additional 6,392 shares during the quarter. Victory Capital Management Inc.'s holdings in Nuvalent were worth $1,881,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Boxer Capital Management LLC acquired a new position in Nuvalent in the 4th quarter valued at $87,689,000. Vestal Point Capital LP acquired a new position in Nuvalent in the 4th quarter valued at $46,968,000. Polar Capital Holdings Plc grew its stake in 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 buying an additional 584,223 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Nuvalent by 142.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after buying an additional 400,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on NUVL. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Robert W. Baird raised 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. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. Leerink Partners raised their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Finally, HC Wainwright restated a "buy" rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $119.60.

Nuvalent Stock Down 0.8%

NUVL stock traded down $0.59 during midday trading on Friday, reaching $77.76. 376,599 shares of the company's stock traded hands, compared to its average volume of 463,959. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The company has a market cap of $5.58 billion, a price-to-earnings ratio of -17.71 and a beta of 1.30. The company has a 50-day simple moving average of $78.69 and a two-hundred day simple moving average of $76.23.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the prior year, the company earned ($0.69) EPS. Equities research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 14,700 shares of Nuvalent stock in a transaction that occurred on Wednesday, July 16th. The shares were 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 owned 61,734 shares in the company, valued at $5,253,563.40. The trade was 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 that occurred on Thursday, July 10th. The stock was sold at an average price of $79.98, for a total transaction of $439,890.00. Following the sale, the insider owned 60,956 shares of the company's stock, 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. Insiders sold a total of 85,645 shares of company stock worth $7,007,857 in the last quarter. 10.20% of the stock is owned by company 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.