TD Asset Management Inc Raises Stock Position in Nuvalent, Inc. $NUVL

TD Asset Management Inc boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 47.4% during the second quarter, Holdings Channel.com reports. The firm owned 98,900 shares of the company’s stock after buying an additional 31,822 shares during the quarter. TD Asset Management Inc’s holdings in Nuvalent were worth $7,546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Voya Investment Management LLC raised its stake in shares of Nuvalent by 6.6% in the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock valued at $8,532,000 after acquiring an additional 7,414 shares during the period. Voleon Capital Management LP purchased a new stake in shares of Nuvalent in the 1st quarter valued at approximately $1,489,000. Strs Ohio purchased a new stake in shares of Nuvalent in the 1st quarter valued at approximately $404,000. New York State Common Retirement Fund raised its stake in shares of Nuvalent by 23.4% in the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock valued at $1,485,000 after acquiring an additional 3,965 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Nuvalent by 51.3% in the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock valued at $20,003,000 after acquiring an additional 95,661 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,464,076.34. The trade was a 24.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 14,205 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $90.04, for a total transaction of $1,279,018.20. Following the transaction, the insider owned 65,963 shares of the company’s stock, valued at $5,939,308.52. This trade represents a 17.72% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,771 shares of company stock worth $16,298,129. Insiders own 10.20% of the company’s stock.

Nuvalent Stock Up 2.3%

NASDAQ NUVL opened at $92.52 on Monday. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $104.81. The stock has a market capitalization of $6.67 billion, a PE ratio of -18.88 and a beta of 1.30. The firm has a 50 day moving average of $80.32 and a two-hundred day moving average of $77.04.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) EPS. On average, equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NUVL. HC Wainwright reissued a “buy” rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Guggenheim began coverage on shares of Nuvalent in a research note on Thursday, September 4th. They issued a “buy” rating and a $122.00 price target on the stock. Stifel Nicolaus began coverage on shares of Nuvalent in a report on Thursday. They issued a “buy” rating and a $115.00 price objective for the company. Piper Sandler began coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 price objective for the company. Finally, Leerink Partners lifted their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $120.00.

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.