Northern Trust Corp Acquires 15,770 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Northern Trust Corp boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 4.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 335,550 shares of the company's stock after acquiring an additional 15,770 shares during the quarter. Northern Trust Corp owned 0.47% of Nuvalent worth $26,267,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the fourth quarter valued at $27,000. Quarry LP bought a new position in Nuvalent during the 4th quarter valued at about $39,000. US Bancorp DE purchased a new stake in shares of Nuvalent during the 4th quarter valued at about $90,000. KBC Group NV grew its stake in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after acquiring an additional 602 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in shares of Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after acquiring an additional 309 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

Shares of NUVL traded down $0.40 during mid-day trading on Wednesday, reaching $71.02. The stock had a trading volume of 207,646 shares, compared to its average volume of 487,852. The business has a fifty day moving average of $71.41 and a 200 day moving average of $80.13. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -20.47 and a beta of 1.42. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 last year, the firm posted ($0.69) earnings per share. On average, research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,000 shares of company stock valued at $6,185,150. 12.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on NUVL shares. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. 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. According to MarketBeat, Nuvalent currently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

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.