Summit Investment Advisors Inc. Acquires 167 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Summit Investment Advisors Inc. increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,676 shares of the company’s stock after purchasing an additional 167 shares during the period. Summit Investment Advisors Inc.’s holdings in Nuvalent were worth $288,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its holdings in Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after purchasing an additional 309 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the 4th quarter worth approximately $27,000. Alliancebernstein L.P. lifted its position in Nuvalent by 1.3% during the fourth quarter. Alliancebernstein L.P. now owns 39,620 shares of the company’s stock valued at $3,101,000 after acquiring an additional 500 shares during the last quarter. KBC Group NV grew its holdings in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after purchasing an additional 602 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its position in shares of Nuvalent by 13.9% during the fourth quarter. Kennedy Capital Management LLC now owns 5,240 shares of the company’s stock worth $410,000 after purchasing an additional 640 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NUVL stock opened at $71.64 on Monday. The company has a market capitalization of $5.13 billion, a P/E ratio of -20.65 and a beta of 1.43. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The firm’s fifty day simple moving average is $72.77 and its 200-day simple moving average is $83.33.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total value of $165,580.00. Following the sale, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,000 shares of company stock worth $6,350,730 over the last quarter. 12.52% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

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.