Wells Fargo & Company MN Acquires 5,195 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Wells Fargo & Company MN increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 32.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,220 shares of the company's stock after purchasing an additional 5,195 shares during the quarter. Wells Fargo & Company MN's holdings in Nuvalent were worth $1,661,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NUVL. Crowley Wealth Management Inc. purchased a new position in Nuvalent during the fourth quarter valued at $27,000. US Bancorp DE purchased a new stake in Nuvalent in the 4th quarter valued at $90,000. KBC Group NV grew its holdings in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after purchasing an additional 602 shares during the period. Commonwealth Equity Services LLC increased its position in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after purchasing an additional 309 shares during the last quarter. Finally, Diametric Capital LP purchased a new position in Nuvalent during the fourth quarter worth about $212,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Price Performance

NUVL traded up $0.95 on Thursday, reaching $77.70. The company's stock had a trading volume of 68,641 shares, compared to its average volume of 473,000. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of -22.35 and a beta of 1.43. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The business's 50 day moving average is $71.77 and its 200 day moving average is $81.98.

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

Insider Buying and Selling at Nuvalent

In related 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,896,333.94. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by company insiders.

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.