Envestnet Asset Management Inc. Cuts Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Envestnet Asset Management Inc. cut its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 37.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,673 shares of the company's stock after selling 3,932 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Nuvalent were worth $522,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Barclays PLC boosted its stake in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after buying an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after purchasing an additional 2,664 shares during the period. KBC Group NV increased its stake in shares of Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Nuvalent in the fourth quarter worth $10,487,000. Finally, Rhumbline Advisers raised its stake in Nuvalent by 3.9% during the 4th quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock worth $3,950,000 after buying an additional 1,896 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, Nuvalent currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Price Performance

NUVL stock traded down $1.56 during trading on Wednesday, hitting $66.63. 1,142,814 shares of the stock traded hands, compared to its average volume of 482,221. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of -19.20 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The firm's 50 day moving average is $71.60 and its two-hundred day moving average is $81.03.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 83,000 shares of company stock worth $6,185,150 in the last 90 days. Insiders own 12.52% of the company's stock.

About Nuvalent

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.