Nuvalent, Inc. $NUVL Shares Bought by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its holdings in Nuvalent, Inc. by 6.6% in the first quarter, owning 120,311 shares valued at approximately $8.53 million as of the end of the quarter.
• Insider sales included CEO James Richard Porter selling 27,000 shares for about $2.14 million, resulting in a 9.78% decrease in his ownership of the stock.
• Nuvalent's stock performance shows a current price of $78.64, with a 52-week range between $55.53 and $108.98 and analysts giving it a consensus rating of "Buy" with an average price target of $119.50.

Voya Investment Management LLC grew its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,311 shares of the company's stock after purchasing an additional 7,414 shares during the period. Voya Investment Management LLC owned approximately 0.17% of Nuvalent worth $8,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in NUVL. Deutsche Bank AG grew its position in shares of Nuvalent by 81.5% in the fourth quarter. Deutsche Bank AG now owns 35,663 shares of the company's stock valued at $2,792,000 after purchasing an additional 16,018 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Nuvalent by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,047 shares of the company's stock valued at $2,429,000 after purchasing an additional 1,273 shares in the last quarter. Millennium Management LLC grew its position in shares of Nuvalent by 1.9% in the fourth quarter. Millennium Management LLC now owns 181,206 shares of the company's stock valued at $14,185,000 after purchasing an additional 3,354 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Nuvalent by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 84,620 shares of the company's stock valued at $6,624,000 after purchasing an additional 833 shares in the last quarter. Finally, Man Group plc grew its position in shares of Nuvalent by 111.2% in the fourth quarter. Man Group plc now owns 78,736 shares of the company's stock valued at $6,163,000 after purchasing an additional 41,447 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NUVL. HC Wainwright reiterated a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Leerink Partners upped their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird upped 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. Finally, Piper Sandler began coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $119.50.

Insider Activity

In related news, insider Henry E. Pelish sold 3,725 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $78.83, for a total value of $293,641.75. Following the transaction, the insider owned 65,963 shares of the company's stock, valued at $5,199,863.29. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $79.08, for a total value of $2,135,160.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $19,695,822.96. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,670 shares of company stock worth $11,868,709. Corporate insiders own 10.20% of the company's stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded down $4.29 during mid-day trading on Friday, hitting $76.67. The company had a trading volume of 997,351 shares, compared to its average volume of 403,857. The company has a market capitalization of $5.53 billion, a PE ratio of -15.65 and a beta of 1.29. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $108.98. The business's 50-day simple moving average is $78.54 and its 200 day simple moving average is $75.46.

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

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.