TD Asset Management Inc Has $2.09 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

TD Asset Management Inc lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVLFree Report) by 271.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 45,524 shares of the company’s stock after buying an additional 33,262 shares during the quarter. TD Asset Management Inc owned about 0.08% of Nuvalent worth $2,093,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NUVL. Metropolitan Life Insurance Co NY lifted its position in Nuvalent by 22.8% during the second quarter. Metropolitan Life Insurance Co NY now owns 1,325 shares of the company’s stock worth $56,000 after acquiring an additional 246 shares during the last quarter. Ellsworth Advisors LLC grew its holdings in Nuvalent by 3.3% in the 2nd quarter. Ellsworth Advisors LLC now owns 11,732 shares of the company’s stock valued at $495,000 after buying an additional 380 shares in the last quarter. Royal Bank of Canada increased its position in Nuvalent by 35.1% during the 2nd quarter. Royal Bank of Canada now owns 1,533 shares of the company’s stock worth $65,000 after buying an additional 398 shares during the period. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 1.4% during the second quarter. Rhumbline Advisers now owns 32,771 shares of the company’s stock worth $1,382,000 after buying an additional 456 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of Nuvalent by 23.0% in the fourth quarter. Amalgamated Bank now owns 2,647 shares of the company’s stock valued at $79,000 after acquiring an additional 495 shares during the period. Institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Stifel Nicolaus reiterated a “buy” rating on shares of Nuvalent in a research note on Wednesday, October 4th. Wedbush reissued an “outperform” rating and set a $82.00 price target (up previously from $74.00) on shares of Nuvalent in a research report on Monday, January 8th. BMO Capital Markets lifted their price objective on Nuvalent from $73.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, October 19th. Finally, JPMorgan Chase & Co. increased their target price on Nuvalent from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, October 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Check Out Our Latest Stock Report on NUVL

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 91,700 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $50.70, for a total transaction of $4,649,190.00. Following the sale, the director now owns 1,852,998 shares of the company’s stock, valued at approximately $93,946,998.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Nuvalent news, Director Matthew Shair sold 91,700 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $50.70, for a total value of $4,649,190.00. Following the completion of the transaction, the director now directly owns 1,852,998 shares in the company, valued at $93,946,998.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 30,000 shares of Nuvalent stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $75.82, for a total value of $2,274,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 297,000 shares of company stock worth $19,951,148. Corporate insiders own 14.77% of the company’s stock.

Nuvalent Stock Performance

Nuvalent stock opened at $75.42 on Friday. The stock has a fifty day moving average of $69.77 and a 200-day moving average of $55.45. The stock has a market capitalization of $4.72 billion, a P/E ratio of -37.15 and a beta of 1.38. Nuvalent, Inc. has a 52 week low of $23.09 and a 52 week high of $80.94.

Nuvalent (NASDAQ:NUVLGet Free Report) last posted its quarterly earnings results on Tuesday, November 14th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.01). On average, research analysts forecast that Nuvalent, Inc. will post -2.15 earnings per share for the current year.

Nuvalent Company Profile

(Free Report)

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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase Ā½ 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 ongoing IND-enabling studies.

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Institutional Ownership by Quarter for Nuvalent (NASDAQ:NUVL)

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