NEOS Investment Management LLC Boosts Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

NEOS Investment Management LLC grew its position in Nuvalent, Inc. (NASDAQ:NUVL) by 10.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,617 shares of the company’s stock after purchasing an additional 1,140 shares during the period. NEOS Investment Management LLC’s holdings in Nuvalent were worth $909,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after buying an additional 400,402 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after buying an additional 366,239 shares during the last quarter. American Century Companies Inc. bought a new stake in Nuvalent in the fourth quarter worth about $14,590,000. ArrowMark Colorado Holdings LLC boosted its stake in Nuvalent by 111.0% in the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock valued at $30,194,000 after acquiring an additional 155,261 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Nuvalent during the 4th quarter valued at approximately $10,487,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Stock Down 0.8 %

Shares of NUVL opened at $73.05 on Monday. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The stock has a market cap of $5.23 billion, a PE ratio of -21.05 and a beta of 1.42. The business’s 50-day moving average price is $78.54 and its 200-day moving average price is $87.28.

Nuvalent (NASDAQ:NUVL) last posted its earnings results 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). Analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on NUVL. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright restated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Finally, UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $113.10.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 17,301 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the sale, the director now owns 218,522 shares of the company’s stock, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,800 shares of company stock worth $8,437,464. 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.