Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 49.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,213 shares of the company’s stock after selling 3,111 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuvalent were worth $329,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in NUVL. Samlyn Capital LLC purchased a new position in shares of Nuvalent during the 2nd quarter worth $17,397,000. Logos Global Management LP purchased a new position in Nuvalent during the 2nd quarter valued at about $14,793,000. Dimensional Fund Advisors LP boosted its holdings in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the period. Marshall Wace LLP boosted its holdings in Nuvalent by 1,127.1% during the 2nd quarter. Marshall Wace LLP now owns 84,081 shares of the company’s stock valued at $6,378,000 after acquiring an additional 77,229 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after acquiring an additional 72,222 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.23, for a total transaction of $842,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,804,859. This represents a 23.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at $2,811,519. This trade represents a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,106,795 shares of company stock worth $205,834,791 in the last quarter. 12.52% of the stock is currently owned by company insiders.

Nuvalent Trading Up 2.4 %

Shares of NASDAQ:NUVL opened at $94.93 on Monday. The firm’s 50 day moving average is $97.80 and its two-hundred day moving average is $84.03. Nuvalent, Inc. has a 52 week low of $61.01 and a 52 week high of $113.51. The firm has a market capitalization of $6.75 billion, a P/E ratio of -27.36 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the company posted ($0.59) EPS. Analysts predict that Nuvalent, Inc. will post -3.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NUVL. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. BMO Capital Markets lifted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

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.