Nuvalent, Inc. (NASDAQ:NUVL) Position Cut by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 35.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,324 shares of the company’s stock after selling 3,456 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuvalent were worth $480,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in shares of Nuvalent by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after purchasing an additional 25,966 shares in the last quarter. SG Americas Securities LLC raised its position in Nuvalent by 108.3% in the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after acquiring an additional 1,745 shares in the last quarter. Renaissance Capital LLC raised its position in Nuvalent by 64.4% in the second quarter. Renaissance Capital LLC now owns 28,481 shares of the company’s stock worth $2,161,000 after acquiring an additional 11,154 shares in the last quarter. Darwin Global Management Ltd. raised its position in Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after acquiring an additional 1,379,266 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in Nuvalent in the first quarter worth about $202,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Up 7.1 %

Shares of Nuvalent stock opened at $87.45 on Friday. The stock has a market capitalization of $5.67 billion, a P/E ratio of -36.29 and a beta of 1.28. The stock has a 50 day moving average price of $79.27 and a two-hundred day moving average price of $75.81. Nuvalent, Inc. has a 12-month low of $39.86 and a 12-month high of $89.89.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the previous year, the company earned ($0.51) earnings per share. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Insider Activity

In other news, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at $5,623,362.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the transaction, the director now directly owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the completion of the transaction, the insider now directly owns 66,095 shares of the company’s stock, valued at $5,623,362.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,834 shares of company stock valued at $6,818,117. 12.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Wedbush reiterated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a report on Monday, September 9th. Finally, Stifel Nicolaus increased their price objective on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $103.00.

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.