Royal Bank of Canada Raises Holdings in Nuvalent, Inc. $NUVL

Royal Bank of Canada increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 1,537.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,569 shares of the company’s stock after buying an additional 22,130 shares during the period. Royal Bank of Canada’s holdings in Nuvalent were worth $2,414,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in shares of Nuvalent in the 4th quarter valued at $125,000. KBC Group NV lifted its stake in shares of Nuvalent by 24.1% during the 4th quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after purchasing an additional 297 shares during the last quarter. US Bancorp DE lifted its stake in shares of Nuvalent by 10.0% during the 3rd quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after purchasing an additional 188 shares during the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent during the fourth quarter valued at about $201,000. Finally, Swiss Life Asset Management Ltd bought a new stake in Nuvalent during the fourth quarter valued at about $202,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of recent research reports. Sanford C. Bernstein downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $172.00 to $124.00 in a report on Wednesday, June 24th. Wells Fargo & Company restated an “equal weight” rating and issued a $124.00 price target (up from $116.00) on shares of Nuvalent in a report on Tuesday, June 9th. Stifel Nicolaus set a $124.00 price target on shares of Nuvalent in a report on Tuesday, June 9th. Cantor Fitzgerald downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. Finally, Barclays reiterated an “equal weight” rating and set a $124.00 price objective (down from $152.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $127.73.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 30,000 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $123.72, for a total transaction of $3,711,600.00. Following the sale, the chief executive officer owned 324,879 shares in the company, valued at approximately $40,194,029.88. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 11,430 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $123.58, for a total transaction of $1,412,519.40. Following the transaction, the chief financial officer owned 85,533 shares in the company, valued at approximately $10,570,168.14. This trade represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 90,471 shares of company stock worth $9,762,529 in the last three months. Insiders own 5.02% of the company’s stock.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $123.96 on Monday. The business’s 50-day moving average is $123.05 and its 200 day moving average is $109.41. Nuvalent, Inc. has a 1 year low of $71.13 and a 1 year high of $123.99. The firm has a market capitalization of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14.

Nuvalent Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.