Principal Financial Group Inc. Lowers Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Principal Financial Group Inc. lowered its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 49.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,213 shares of the company’s stock after selling 3,111 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuvalent were worth $329,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NUVL. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nuvalent by 21.6% during 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 period. Quest Partners LLC bought a new position in shares of Nuvalent during the 2nd quarter valued at approximately $44,000. Arizona State Retirement System grew its stake in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after acquiring an additional 1,127 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in Nuvalent by 20.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 9,300 shares of the company’s stock worth $951,000 after purchasing an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on NUVL shares. BMO Capital Markets boosted their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. UBS Group started coverage on Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

Insiders Place Their Bets

In related news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,811,519. The trade was a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the transaction, the director now directly owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,106,795 shares of company stock valued at $205,834,791. 12.52% of the stock is owned by company insiders.

Nuvalent Trading Up 2.4 %

Nuvalent stock opened at $94.93 on Monday. Nuvalent, Inc. has a 12-month low of $61.01 and a 12-month high of $113.51. The stock has a market cap of $6.75 billion, a P/E ratio of -27.36 and a beta of 1.33. The company has a fifty day simple moving average of $97.80 and a 200-day simple moving average of $84.03.

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

Nuvalent 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.