Eagle Asset Management Inc. Sells 25,179 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Eagle Asset Management Inc. lowered its position in Nuvalent, Inc. (NASDAQ:NUVL) by 16.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 130,770 shares of the company’s stock after selling 25,179 shares during the period. Eagle Asset Management Inc. owned about 0.20% of Nuvalent worth $12,478,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NUVL. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter worth about $44,000. Amalgamated Bank raised its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Nuvalent during the first quarter worth $121,000. Mount Yale Investment Advisors LLC purchased a new position in Nuvalent during the first quarter valued at $202,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. This represents a 23.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the completion of the sale, the director now owns 226,522 shares of the company’s stock, valued at $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,108,795 shares of company stock worth $206,003,711 in the last three months. Corporate insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUVL. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective for the company. Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Trading Up 2.4 %

Shares of NASDAQ:NUVL opened at $94.93 on Friday. Nuvalent, Inc. has a 12 month low of $61.01 and a 12 month high of $113.51. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of -27.36 and a beta of 1.33. The firm’s 50-day moving average is $97.80 and its 200 day moving average is $83.92.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.8 EPS for the current fiscal year.

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.