Bank of New York Mellon Corp Increases Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Bank of New York Mellon Corp grew its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,062 shares of the company’s stock after acquiring an additional 3,834 shares during the period. Bank of New York Mellon Corp owned about 0.16% of Nuvalent worth $9,085,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. KBC Group NV lifted its position in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. Portland Investment Counsel Inc. purchased a new position in shares of Nuvalent in the third quarter valued at about $205,000. FORA Capital LLC purchased a new stake in shares of Nuvalent in the third quarter worth about $328,000. Valence8 US LP purchased a new stake in shares of Nuvalent in the third quarter worth about $421,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Nuvalent in the third quarter worth about $490,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,800 shares of company stock valued at $8,895,004. 12.52% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on NUVL shares. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research report on Friday. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. One equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Nuvalent Price Performance

Shares of NUVL stock opened at $77.01 on Friday. Nuvalent, Inc. has a 1 year low of $61.80 and a 1 year high of $113.51. The stock’s 50 day simple moving average is $78.65 and its two-hundred day simple moving average is $87.92. The company has a market cap of $5.51 billion, a PE ratio of -22.19 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). Equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current 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.