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

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

Other institutional investors have also added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. lifted its stake in Nuvalent by 142.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after acquiring an additional 400,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Norges Bank acquired a new stake in Nuvalent in the 4th quarter valued at about $24,951,000. Wellington Management Group LLP grew its holdings in Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after purchasing an additional 272,738 shares during the period. Finally, Marshall Wace LLP grew its holdings in Nuvalent by 154.8% during the fourth quarter. Marshall Wace LLP now owns 361,040 shares of the company's stock worth $28,262,000 after purchasing an additional 219,336 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Stock Up 2.1%

Shares of Nuvalent stock traded up $1.52 on Friday, hitting $72.52. The stock had a trading volume of 81,925 shares, compared to its average volume of 486,623. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of -20.90 and a beta of 1.42. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The business's 50 day moving average is $71.48 and its two-hundred day moving average is $79.92.

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 the consensus estimate of ($1.14) by ($0.04). During the same quarter last year, the company posted ($0.69) earnings per share. As a group, equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

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

Analysts Set New Price Targets

Several research firms have issued reports on NUVL. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. HC Wainwright restated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.