Principal Financial Group Inc. Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Principal Financial Group Inc. trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 6.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,004 shares of the company’s stock after selling 209 shares during the period. Principal Financial Group Inc.’s holdings in Nuvalent were worth $235,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NUVL. KBC Group NV increased its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares during the period. Portland Investment Counsel Inc. purchased a new stake in shares of Nuvalent during the third quarter worth approximately $205,000. Creative Planning purchased a new position in Nuvalent in the third quarter valued at approximately $232,000. FORA Capital LLC purchased a new position in Nuvalent in the third quarter valued at approximately $328,000. Finally, Valence8 US LP purchased a new position in Nuvalent in the third quarter valued at approximately $421,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NUVL. BMO Capital Markets increased their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and an average target price of $113.10.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 4,016 shares of Nuvalent stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the sale, the chief financial officer now owns 61,734 shares of the company’s stock, valued at approximately $4,918,965.12. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock worth $8,895,004 over the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $71.07 on Friday. The stock has a fifty day moving average price of $79.50 and a 200 day moving average price of $88.29. Nuvalent, Inc. has a 1-year low of $61.80 and a 1-year high of $113.51. The company has a market cap of $5.05 billion, a PE ratio of -20.48 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). 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.