State Street Corp Decreases Position in Nuvalent, Inc. (NASDAQ:NUVL)

State Street Corp reduced its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 6.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,243,099 shares of the company’s stock after selling 82,941 shares during the quarter. State Street Corp owned approximately 1.92% of Nuvalent worth $127,169,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in shares of Nuvalent in the 2nd quarter worth $44,000. Amalgamated Bank raised its stake in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. bought a new position in Nuvalent in the 3rd quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the period. Finally, Creative Planning bought a new stake in shares of Nuvalent during the 3rd quarter worth $232,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on NUVL. Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective for the company. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

Insider Activity at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. This trade represents a 23.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,090,795 shares of company stock worth $204,498,241 over the last three months. Company insiders own 12.52% of the company’s stock.

Nuvalent Stock Up 0.0 %

Shares of NASDAQ NUVL opened at $86.86 on Friday. The firm has a market cap of $6.17 billion, a PE ratio of -25.03 and a beta of 1.31. The business has a fifty day simple moving average of $94.91 and a two-hundred day simple moving average of $86.56. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. On average, research analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

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.