Invesco Ltd. Sells 106,921 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Invesco Ltd. trimmed its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 62.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,525 shares of the company's stock after selling 106,921 shares during the period. Invesco Ltd. owned approximately 0.09% of Nuvalent worth $4,973,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of Nuvalent in the 4th quarter valued at approximately $699,000. Wells Fargo & Company MN increased its holdings in shares of Nuvalent by 32.4% during the 4th quarter. Wells Fargo & Company MN now owns 21,220 shares of the company's stock worth $1,661,000 after acquiring an additional 5,195 shares during the last quarter. Trexquant Investment LP acquired a new stake in Nuvalent during the fourth quarter worth approximately $3,999,000. Headlands Technologies LLC acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $275,000. Finally, Geode Capital Management LLC raised its position in Nuvalent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company's stock valued at $68,236,000 after purchasing an additional 15,878 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

NUVL has been the topic of a number of research analyst reports. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Friday, March 14th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and an average target price of $115.50.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $17,170,334.28. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Up 1.5 %

Shares of NUVL stock traded up $1.14 during trading hours on Thursday, reaching $77.89. The company's stock had a trading volume of 68,641 shares, compared to its average volume of 473,031. The stock has a market capitalization of $5.58 billion, a P/E ratio of -22.35 and a beta of 1.43. The firm's fifty day simple moving average is $71.77 and its 200 day simple moving average is $81.98. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Nuvalent Company 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.