TD Asset Management Inc Purchases 8,954 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

TD Asset Management Inc boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVLFree Report) by 19.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,478 shares of the company’s stock after purchasing an additional 8,954 shares during the period. TD Asset Management Inc owned about 0.09% of Nuvalent worth $4,009,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Compass Wealth Management LLC acquired a new position in shares of Nuvalent during the 4th quarter worth about $63,000. Exchange Traded Concepts LLC boosted its stake in shares of 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 buying an additional 750 shares during the last quarter. High Net Worth Advisory Group LLC acquired a new position in shares of Nuvalent during the 4th quarter worth about $221,000. E Fund Management Co. Ltd. acquired a new position in shares of Nuvalent during the 3rd quarter worth about $226,000. Finally, Amalgamated Bank boosted 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 worth $281,000 after buying an additional 285 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NUVL shares. Guggenheim started coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective for the company. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their target price for the company from $69.00 to $110.00 in a research note on Monday, April 1st. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 target price for the company. Robert W. Baird assumed coverage on shares of Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $90.78.

Get Our Latest Analysis on Nuvalent

Nuvalent Stock Up 10.9 %

Nuvalent stock opened at $81.61 on Friday. The stock has a market cap of $5.27 billion, a P/E ratio of -33.86 and a beta of 1.27. Nuvalent, Inc. has a twelve month low of $38.78 and a twelve month high of $89.39. The company’s 50-day moving average price is $68.87 and its two-hundred day moving average price is $73.75.

Nuvalent (NASDAQ:NUVLGet Free Report) last announced its earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). Equities analysts anticipate that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the transaction, the director now directly owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the transaction, the director now directly owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Darlene Noci sold 20,000 shares of the firm’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 transaction of $1,550,200.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,581,083. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,194,500 shares of company stock valued at $86,198,420. 12.52% of the stock is currently owned by company insiders.

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.

See Also

Institutional Ownership by Quarter for Nuvalent (NASDAQ:NUVL)

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