Victory Capital Management Inc. Cuts Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Victory Capital Management Inc. lowered its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 86.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,135 shares of the company’s stock after selling 130,064 shares during the period. Victory Capital Management Inc.’s holdings in Nuvalent were worth $1,576,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Nuvalent by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company’s stock worth $25,329,000 after buying an additional 7,742 shares during the last quarter. US Bancorp DE bought a new position in Nuvalent in the 4th quarter valued at approximately $90,000. Bank of New York Mellon Corp lifted its position in Nuvalent by 3.4% in the 4th quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company’s stock valued at $9,085,000 after acquiring an additional 3,834 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Nuvalent by 16.1% in the 4th quarter. Handelsbanken Fonder AB now owns 10,800 shares of the company’s stock valued at $845,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Nuvalent by 3.9% in the 4th quarter. Rhumbline Advisers now owns 50,454 shares of the company’s stock valued at $3,950,000 after acquiring an additional 1,896 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $76.66 on Wednesday. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51. The stock’s fifty day moving average is $78.56 and its 200 day moving average is $87.85. The stock has a market cap of $5.49 billion, a P/E ratio of -22.09 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). Analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, CFO Alexandra Balcom sold 4,016 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the completion of the sale, the chief financial officer now owns 61,734 shares in the company, valued at approximately $4,918,965.12. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,800 shares of company stock worth $6,556,534. Corporate insiders own 12.52% of the company’s stock.

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.