Victory Capital Management Inc. Lowers Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Victory Capital Management Inc. decreased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 11.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 185,121 shares of the company's stock after selling 23,853 shares during the quarter. Victory Capital Management Inc. owned about 0.30% of Nuvalent worth $13,623,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Nuvalent by 196.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company's stock valued at $9,101,000 after buying an additional 131,296 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company's stock worth $9,593,000 after purchasing an additional 70,673 shares in the last quarter. Fred Alger Management LLC grew its position in Nuvalent by 670.8% in the 3rd quarter. Fred Alger Management LLC now owns 80,037 shares of the company's stock valued at $3,679,000 after purchasing an additional 69,654 shares during the period. Affinity Asset Advisors LLC bought a new stake in Nuvalent during the 3rd quarter valued at $2,298,000. Finally, Walleye Capital LLC acquired a new position in Nuvalent during the third quarter worth $1,562,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Leerink Partnrs upgraded shares of Nuvalent from a "market perform" rating to an "outperform" rating in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. Wedbush reissued an "outperform" rating and set a $99.00 price target on shares of Nuvalent in a research report on Tuesday, February 27th. SVB Leerink raised shares of Nuvalent from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Finally, BMO Capital Markets boosted their target price on Nuvalent from $93.00 to $102.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a hold rating and nine have issued a 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 $90.78.

Insider Activity

In other news, insider Darlene Noci sold 20,000 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares of the company's stock, valued at $2,581,083. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, May 6th. The shares were sold at an average price of $69.48, for a total transaction of $2,605,500.00. Following the completion of the sale, the director now directly owns 1,462,198 shares of the company's stock, valued at approximately $101,593,517.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the sale, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,155,000 shares of company stock worth $83,594,980. 14.77% of the stock is owned by company insiders.

Nuvalent Price Performance

Shares of Nuvalent stock traded down $2.04 during trading hours on Friday, reaching $65.48. The company had a trading volume of 445,545 shares, compared to its average volume of 484,917. Nuvalent, Inc. has a one year low of $37.95 and a one year high of $89.39. The firm has a market cap of $4.20 billion, a PE ratio of -27.17 and a beta of 1.35. The business has a fifty day simple moving average of $73.24 and a 200 day simple moving average of $72.17.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -2.91 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.