Raymond James Financial Inc. Cuts Holdings in Nuvalent, Inc. $NUVL

Raymond James Financial Inc. cut its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 133,094 shares of the company’s stock after selling 870 shares during the quarter. Raymond James Financial Inc. owned approximately 0.19% of Nuvalent worth $9,439,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in Nuvalent by 51.3% in the first quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock worth $20,003,000 after purchasing an additional 95,661 shares during the last quarter. Aberdeen Group plc boosted its position in Nuvalent by 35.2% in the first quarter. Aberdeen Group plc now owns 76,688 shares of the company’s stock worth $5,439,000 after purchasing an additional 19,987 shares during the last quarter. E Fund Management Co. Ltd. boosted its position in Nuvalent by 13.6% in the first quarter. E Fund Management Co. Ltd. now owns 4,785 shares of the company’s stock worth $339,000 after purchasing an additional 572 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Nuvalent by 14,012.0% in the first quarter. Russell Investments Group Ltd. now owns 110,356 shares of the company’s stock worth $7,826,000 after purchasing an additional 109,574 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Nuvalent in the first quarter worth $5,956,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NUVL shares. Robert W. Baird boosted their price objective on Nuvalent from $105.00 to $112.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 25th. Leerink Partners boosted their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 24th. The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. Piper Sandler started coverage on Nuvalent in a research note on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 target price on the stock. Finally, Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $120.80.

Insider Activity

In other news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total value of $1,600,400.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $4,939,954.68. The trade was a 24.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, July 15th. The shares were 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 of the company’s stock, valued at $20,490,330.74. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,145 shares of company stock worth $9,455,872. 10.20% of the stock is owned by corporate insiders.

Nuvalent Price Performance

Shares of NUVL opened at $76.58 on Monday. The firm has a market cap of $5.52 billion, a PE ratio of -15.63 and a beta of 1.29. The stock’s fifty day moving average price is $78.54 and its two-hundred day moving average price is $75.17. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the prior year, the firm posted ($0.88) earnings per share. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.