US Bancorp DE Has $130,000 Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

US Bancorp DE raised its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 58.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,836 shares of the company’s stock after purchasing an additional 680 shares during the period. US Bancorp DE’s holdings in Nuvalent were worth $130,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC acquired a new stake in shares of Nuvalent in the 4th quarter valued at approximately $87,689,000. Vestal Point Capital LP bought a new stake in Nuvalent during the 4th quarter worth approximately $46,968,000. Polar Capital Holdings Plc grew its stake in shares of Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock worth $74,109,000 after acquiring an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock worth $53,230,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP grew its stake in shares of Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after acquiring an additional 363,379 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 1.0%

NASDAQ:NUVL opened at $76.04 on Friday. The stock has a market cap of $5.46 billion, a P/E ratio of -15.52 and a beta of 1.30. The stock’s 50-day moving average is $78.87 and its 200-day moving average is $75.92. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter last year, the company posted ($0.88) earnings per share. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the sale, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. This represents 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 hyperlink. Also, insider Henry E. Pelish sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $74.85, for a total value of $411,675.00. Following the completion of the transaction, the insider directly owned 60,956 shares in the company, valued at approximately $4,562,556.60. This trade represents a 8.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 91,145 shares of company stock worth $7,419,532 over the last ninety days. Insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

NUVL has been the subject of several analyst reports. Leerink Partners raised their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Tuesday, June 24th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, July 21st. HC Wainwright reissued a “buy” rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a report on Monday, June 30th. Finally, Robert W. Baird boosted their price target on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $119.60.

Nuvalent Company 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.