M&T Bank Corp Trims Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

M&T Bank Corp lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVLFree Report) by 28.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 8,650 shares of the company’s stock after selling 3,478 shares during the period. M&T Bank Corp’s holdings in Nuvalent were worth $636,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Amalgamated Bank raised its stake in shares of Nuvalent by 8.1% during the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after buying an additional 285 shares during the last quarter. Swiss National Bank increased its stake in shares of Nuvalent by 11.7% in the 4th quarter. Swiss National Bank now owns 50,500 shares of the company’s stock valued at $3,716,000 after purchasing an additional 5,300 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Nuvalent by 9.6% in the 4th quarter. New York State Common Retirement Fund now owns 22,154 shares of the company’s stock valued at $1,630,000 after purchasing an additional 1,947 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in shares of Nuvalent in the 4th quarter valued at about $397,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nuvalent by 40.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,417 shares of the company’s stock valued at $399,000 after purchasing an additional 1,568 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NUVL shares. Guggenheim started coverage on Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target for the company. BMO Capital Markets lifted their price target on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Jefferies Financial Group initiated coverage on Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Finally, Robert W. Baird started coverage on Nuvalent in a research note on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Get Our Latest Analysis on Nuvalent

Nuvalent Stock Performance

NUVL opened at $66.08 on Tuesday. Nuvalent, Inc. has a one year low of $37.95 and a one year high of $89.39. The stock has a market capitalization of $4.23 billion, a PE ratio of -27.42 and a beta of 1.35. The business’s 50 day moving average price is $72.86 and its 200 day moving average price is $72.25.

Nuvalent (NASDAQ:NUVLGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). As a group, equities research analysts forecast that Nuvalent, Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $76.92, for a total value of $2,884,500.00. Following the completion of the sale, the director now directly owns 1,649,698 shares in the company, valued at approximately $126,894,770.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,155,000 shares of company stock worth $83,594,980. Insiders own 14.77% of the company’s stock.

About Nuvalent

(Free Report)

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.

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Institutional Ownership by Quarter for Nuvalent (NASDAQ:NUVL)

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