Charles Schwab Investment Management Inc. Acquires 50,536 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Charles Schwab Investment Management Inc. increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 19.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 315,827 shares of the company’s stock after acquiring an additional 50,536 shares during the period. Charles Schwab Investment Management Inc. owned about 0.49% of Nuvalent worth $32,309,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of NUVL. Renaissance Capital LLC grew its holdings in shares of Nuvalent by 64.4% in the second quarter. Renaissance Capital LLC now owns 28,481 shares of the company’s stock valued at $2,161,000 after acquiring an additional 11,154 shares in the last quarter. SG Americas Securities LLC grew its holdings in Nuvalent by 108.3% during the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock valued at $255,000 after purchasing an additional 1,745 shares during the period. Bank of New York Mellon Corp grew its holdings in Nuvalent by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after purchasing an additional 25,966 shares during the period. Commonwealth Equity Services LLC grew its holdings in Nuvalent by 62.0% during the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after purchasing an additional 1,686 shares during the period. Finally, Rhumbline Advisers grew its holdings in Nuvalent by 18.9% during the second quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after purchasing an additional 7,420 shares during the period. 97.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,093,795 shares of company stock worth $204,762,781. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Trading Up 0.5 %

Shares of NUVL stock opened at $94.75 on Wednesday. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51. The business’s fifty day moving average is $96.67 and its 200 day moving average is $85.19.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the firm posted ($0.59) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Stifel Nicolaus increased their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Guggenheim increased their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Barclays started coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $112.60.

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.