Price T Rowe Associates Inc. MD Raises Position in Nuvalent, Inc. (NASDAQ:NUVL)

Price T Rowe Associates Inc. MD grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 19.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,297,910 shares of the company's stock after buying an additional 215,633 shares during the quarter. Price T Rowe Associates Inc. MD owned 1.83% of Nuvalent worth $101,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. Vanguard Group Inc. boosted its position in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares during the last quarter. Norges Bank bought a new position in shares of Nuvalent in the 4th quarter worth approximately $24,951,000. Wellington Management Group LLP boosted its holdings in shares of Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after buying an additional 272,738 shares during the last quarter. Marshall Wace LLP grew its position in Nuvalent by 154.8% during the fourth quarter. Marshall Wace LLP now owns 361,040 shares of the company's stock valued at $28,262,000 after buying an additional 219,336 shares during the period. Finally, American Century Companies Inc. purchased a new stake in Nuvalent during the fourth quarter valued at approximately $14,590,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $19,541,404.52. This trade represents a 9.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,000 shares of company stock valued at $6,185,150. Corporate insiders own 12.52% of the company's stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded up $1.23 during mid-day trading on Friday, reaching $77.46. The company's stock had a trading volume of 560,960 shares, compared to its average volume of 477,688. The stock has a fifty day moving average of $71.77 and a two-hundred day moving average of $81.46. The firm has a market capitalization of $5.55 billion, a PE ratio of -22.32 and a beta of 1.43. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51.

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

Analysts Set New Price Targets

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