Voya Investment Management LLC Acquires 2,438 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Voya Investment Management LLC increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 2.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 112,897 shares of the company’s stock after purchasing an additional 2,438 shares during the period. Voya Investment Management LLC’s holdings in Nuvalent were worth $8,838,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NUVL. Adage Capital Partners GP L.L.C. lifted its position in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock worth $53,230,000 after buying an additional 400,000 shares during the last quarter. Vanguard Group Inc. raised its position in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after purchasing an additional 366,239 shares during the last quarter. Norges Bank bought a new stake in shares of Nuvalent during the fourth quarter worth about $24,951,000. Wellington Management Group LLP grew its holdings 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 worth $100,557,000 after purchasing an additional 272,738 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Nuvalent by 154.8% in the fourth quarter. Marshall Wace LLP now owns 361,040 shares of the company’s stock valued at $28,262,000 after buying an additional 219,336 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $75.20 on Tuesday. The company has a market capitalization of $5.38 billion, a P/E ratio of -21.67 and a beta of 1.43. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The company’s 50 day moving average price is $71.96 and its 200-day moving average price is $82.06.

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

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $19,541,404.52. The trade was 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. Company insiders own 12.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NUVL shares. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research report on Friday, March 14th. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.