XTX Topco Ltd Acquires New Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Key Points

• XTX Topco Ltd acquired a new stake in Nuvalent, Inc., purchasing 10,205 shares valued at approximately $724,000 in the first quarter.
• Analysts show strong confidence in Nuvalent, with multiple firms giving it an "outperform" rating and a target price averaging $119.60.
• Nuvalent has a market capitalization of $5.63 billion and is focusing on developing therapies for cancer, including its lead product candidates targeting specific genetic mutations.

XTX Topco Ltd acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,205 shares of the company's stock, valued at approximately $724,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUVL. Commonwealth Equity Services LLC increased its position in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Nuvalent by 137.8% in the 4th quarter. JPMorgan Chase & Co. now owns 82,527 shares of the company's stock worth $6,460,000 after purchasing an additional 47,818 shares in the last quarter. Norges Bank bought a new stake in shares of Nuvalent in the 4th quarter worth $24,951,000. Alliancebernstein L.P. increased its holdings in shares of Nuvalent by 1.3% in the 4th quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock worth $3,101,000 after purchasing an additional 500 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Nuvalent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 871,488 shares of the company's stock worth $68,236,000 after purchasing an additional 15,878 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NUVL. Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, July 21st. HC Wainwright reissued 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. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird lifted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Leerink Partners lifted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $119.60.

Nuvalent Price Performance

NUVL stock opened at $78.35 on Tuesday. The company has a market cap of $5.63 billion, a P/E ratio of -17.85 and a beta of 1.30. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The stock's fifty day moving average price is $78.79 and its 200-day moving average price is $76.24.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the firm posted ($0.69) earnings per share. As a group, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $4,939,954.68. The trade was a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 8,630 shares of Nuvalent stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the transaction, the insider owned 63,101 shares in the company, valued at $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 85,645 shares of company stock worth $7,007,857. Corporate insiders own 10.20% of the company's stock.

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.

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