Bank of New York Mellon Corp Cuts Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Bank of New York Mellon Corp trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 1.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 114,826 shares of the company’s stock after selling 1,236 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.16% of Nuvalent worth $8,143,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in NUVL. GAMMA Investing LLC lifted its stake in Nuvalent by 5,549.7% during the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company’s stock worth $709,000 after acquiring an additional 9,823 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Nuvalent by 3.9% in the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company’s stock valued at $3,487,000 after acquiring an additional 1,685 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock valued at $101,601,000 after acquiring an additional 215,633 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Nuvalent by 43.1% in the fourth quarter. Teacher Retirement System of Texas now owns 10,609 shares of the company’s stock valued at $830,000 after acquiring an additional 3,197 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Nuvalent by 5.1% in the first quarter. Rhumbline Advisers now owns 53,026 shares of the company’s stock valued at $3,761,000 after purchasing an additional 2,572 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 20,000 shares of the business’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $80.02, for a total value of $1,600,400.00. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,645 shares of company stock worth $7,007,857 over the last three months. Company insiders own 10.20% of the company’s stock.

Nuvalent Trading Down 2.2%

NUVL opened at $80.68 on Wednesday. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of -18.38 and a beta of 1.31. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The stock has a fifty day moving average price of $77.21 and a 200 day moving average price of $75.99.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period in the prior year, the business earned ($0.69) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NUVL has been the subject of a number of analyst reports. Leerink Partners increased their price target on Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday. Robert W. Baird lifted their price target on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research report on Wednesday, June 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $119.60.

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.