Ameriprise Financial Inc. Buys 171,725 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Ameriprise Financial Inc. boosted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 260.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 237,556 shares of the company’s stock after acquiring an additional 171,725 shares during the quarter. Ameriprise Financial Inc.’s holdings in Nuvalent were worth $18,595,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC bought a new stake in Nuvalent during the fourth quarter worth approximately $87,689,000. Adage Capital Partners GP L.L.C. boosted its position in shares of Nuvalent by 142.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock valued at $53,230,000 after buying an additional 400,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after buying an additional 366,239 shares during the period. Norges Bank purchased a new position in shares of Nuvalent during the fourth quarter valued at approximately $24,951,000. Finally, Wellington Management Group LLP boosted its position in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after buying an additional 272,738 shares during the period. 97.26% of the stock is owned by institutional investors.

Nuvalent Trading Down 0.0%

Shares of NUVL stock opened at $71.00 on Friday. The business’s fifty day simple moving average is $71.48 and its 200-day simple moving average is $79.92. The company has a market cap of $5.08 billion, a PE ratio of -20.46 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period last year, the business earned ($0.69) earnings per share. On average, equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $17,170,334.28. This represents a 9.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,000 shares of company stock valued at $6,185,150. 12.52% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

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.