Price T Rowe Associates Inc. MD Purchases 215,633 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Price T Rowe Associates Inc. MD increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 19.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,297,910 shares of the company’s stock after buying an additional 215,633 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Nuvalent were worth $101,601,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Lord Abbett & CO. LLC increased its position in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after purchasing an additional 70,157 shares during the period. Barclays PLC increased its holdings in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after buying an additional 40,754 shares during the period. JPMorgan Chase & Co. increased its holdings in Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock valued at $3,551,000 after buying an additional 2,664 shares during the period. KBC Group NV raised its stake 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 buying an additional 602 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Nuvalent during the 4th quarter valued at $10,487,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Down 0.7 %

NUVL opened at $73.48 on Monday. The company has a market cap of $5.26 billion, a P/E ratio of -21.18 and a beta of 1.43. The firm’s 50-day moving average price is $72.06 and its 200-day moving average price is $82.26. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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). On average, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NUVL. UBS Group upgraded 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. HC Wainwright reissued a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. Finally, Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This represents a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

About Nuvalent

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.