Cibc World Markets Corp Takes Position in Nuvalent, Inc. (NASDAQ:NUVL)

Cibc World Markets Corp bought a new position in Nuvalent, Inc. (NASDAQ:NUVL) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,288 shares of the company’s stock, valued at approximately $257,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. US Bancorp DE bought a new position in shares of Nuvalent in the fourth quarter worth about $90,000. KBC Group NV raised its stake in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after acquiring an additional 602 shares during the period. Portland Investment Counsel Inc. purchased a new position in Nuvalent during the third quarter valued at approximately $205,000. Commonwealth Equity Services LLC boosted its position in shares of Nuvalent by 13.4% in 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 period. Finally, FORA Capital LLC purchased a new stake in shares of Nuvalent in the third quarter worth $328,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,800 shares of company stock worth $8,437,464. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Performance

Shares of NUVL opened at $74.98 on Wednesday. Nuvalent, Inc. has a fifty-two week low of $61.80 and a fifty-two week high of $113.51. The company’s fifty day moving average is $78.71 and its 200 day moving average is $87.57. The stock has a market capitalization of $5.37 billion, a PE ratio of -21.61 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates 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 year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NUVL shares. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a report on Friday, March 14th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eleven have given a buy rating and one has issued 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 $113.10.

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.