Crowley Wealth Management Inc. Acquires Shares of 350 Nuvalent, Inc. (NASDAQ:NUVL)

Crowley Wealth Management Inc. bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL) in the 4th quarter, Holdings Channel reports. The institutional investor bought 350 shares of the company’s stock, valued at approximately $27,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Nuvalent in the 4th quarter valued at $595,000. American Century Companies Inc. bought a new stake in shares of Nuvalent in the 4th quarter valued at $14,590,000. Teacher Retirement System of Texas boosted its stake in shares of Nuvalent by 43.1% in the 4th quarter. Teacher Retirement System of Texas now owns 10,609 shares of the company’s stock valued at $830,000 after purchasing an additional 3,197 shares during the last quarter. Finally, Cibc World Markets Corp bought a new stake in shares of Nuvalent in the 4th quarter valued at $257,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Alexandra Balcom sold 4,016 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $319,994.88. Following the completion of the sale, the chief financial officer now owns 61,734 shares in the company, valued at approximately $4,918,965.12. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Henry E. Pelish sold 2,483 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the sale, the insider now owns 59,981 shares of the company’s stock, valued at $4,779,286.08. This trade represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,800 shares of company stock worth $8,437,464 over the last quarter. Insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

Shares of NUVL stock opened at $77.96 on Monday. The firm has a 50-day moving average of $78.56 and a 200-day moving average of $87.71. The company has a market cap of $5.58 billion, a P/E ratio of -22.47 and a beta of 1.42. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. One analyst has rated the stock with a sell rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent has an average rating of “Moderate Buy” and an average price target of $113.10.

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.