Raymond James Financial Inc. Purchases New Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Raymond James Financial Inc. acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 133,964 shares of the company’s stock, valued at approximately $10,487,000.

Several other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Nuvalent in the third quarter valued at $1,255,000. Lord Abbett & CO. LLC raised its stake in shares of Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after acquiring an additional 12,256 shares during the period. Barclays PLC lifted its holdings in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Nuvalent by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock valued at $3,551,000 after acquiring an additional 2,664 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $115.00 price target 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 target price for the company in a report on Friday, March 14th. Finally, 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Nuvalent Price Performance

NASDAQ NUVL opened at $77.64 on Friday. The stock’s 50 day simple moving average is $78.53 and its 200 day simple moving average is $87.70. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51. The firm has a market cap of $5.56 billion, a PE ratio of -22.37 and a beta of 1.42.

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

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 4,016 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $319,994.88. Following the transaction, the chief financial officer now owns 61,734 shares of the company’s stock, valued at $4,918,965.12. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $18,926,221.38. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,800 shares of company stock worth $8,605,024. 12.52% of the stock is currently owned by corporate insiders.

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.