Charles Schwab Investment Management Inc. Buys 7,742 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Charles Schwab Investment Management Inc. grew its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 2.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 323,569 shares of the company’s stock after acquiring an additional 7,742 shares during the period. Charles Schwab Investment Management Inc. owned about 0.46% of Nuvalent worth $25,329,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. US Bancorp DE bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $90,000. Bank of New York Mellon Corp increased its holdings in Nuvalent by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company’s stock valued at $9,085,000 after buying an additional 3,834 shares during the period. Handelsbanken Fonder AB increased its holdings in Nuvalent by 16.1% during the fourth quarter. Handelsbanken Fonder AB now owns 10,800 shares of the company’s stock valued at $845,000 after buying an additional 1,500 shares during the period. Rhumbline Advisers increased its holdings in Nuvalent by 3.9% during the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company’s stock valued at $3,950,000 after buying an additional 1,896 shares during the period. Finally, abrdn plc increased its holdings in Nuvalent by 19.5% during the fourth quarter. abrdn plc now owns 56,701 shares of the company’s stock valued at $4,439,000 after buying an additional 9,241 shares during the period. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,926,221.38. The trade was a 9.78 % 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 business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the transaction, the director now owns 220,522 shares of the company’s stock, valued at $18,475,333.16. This represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 83,800 shares of company stock valued at $6,556,534 over the last ninety days. 12.52% of the stock is currently owned by insiders.

Nuvalent Price Performance

Shares of NUVL opened at $76.66 on Wednesday. The firm has a market capitalization of $5.49 billion, a PE ratio of -22.09 and a beta of 1.42. Nuvalent, Inc. has a 1-year low of $61.80 and a 1-year high of $113.51. The company’s fifty day moving average price is $78.56 and its 200-day moving average price is $87.85.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.