Strs Ohio Acquires 3,200 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Strs Ohio increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 82.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,100 shares of the company’s stock after purchasing an additional 3,200 shares during the period. Strs Ohio’s holdings in Nuvalent were worth $522,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of NUVL. Compass Wealth Management LLC acquired a new position in Nuvalent during the 4th quarter worth $63,000. China Universal Asset Management Co. Ltd. lifted its position in Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after acquiring an additional 654 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after acquiring an additional 750 shares during the last quarter. High Net Worth Advisory Group LLC acquired a new position in Nuvalent during the 4th quarter worth $221,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nuvalent by 460.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after acquiring an additional 3,162 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $73.60, for a total transaction of $220,800.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,450,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $73.60, for a total transaction of $220,800.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,450,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the sale, the director now directly owns 1,687,198 shares in the company, valued at $129,526,190.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,112,500 shares of company stock valued at $80,638,250. 14.77% of the stock is currently owned by insiders.

Nuvalent Stock Up 1.2 %

NASDAQ NUVL opened at $66.86 on Friday. The stock has a market cap of $4.28 billion, a P/E ratio of -30.95 and a beta of 1.29. The company’s 50-day simple moving average is $76.53 and its 200 day simple moving average is $71.05. Nuvalent, Inc. has a twelve month low of $33.03 and a twelve month high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Research analysts anticipate that Nuvalent, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NUVL. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. BMO Capital Markets upped their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $90.78.

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.