Ensign Peak Advisors Inc Cuts Stake in Nuvalent, Inc. $NUVL

Ensign Peak Advisors Inc reduced its position in Nuvalent, Inc. (NASDAQ:NUVL) by 26.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,840 shares of the company’s stock after selling 33,576 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Nuvalent were worth $7,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUVL. CWM LLC increased its position in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after purchasing an additional 359 shares during the period. Covestor Ltd lifted its position in shares of Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after purchasing an additional 861 shares during the period. Persistent Asset Partners Ltd bought a new position in shares of Nuvalent during the second quarter valued at approximately $88,000. Farther Finance Advisors LLC increased its holdings in Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after buying an additional 1,200 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Nuvalent by 38.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,632 shares of the company’s stock worth $125,000 after buying an additional 451 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 742,574 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $95.44, for a total transaction of $70,871,262.56. Following the sale, the director owned 8,299,225 shares in the company, valued at approximately $792,078,034. The trade was a 8.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 729 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $104.26, for a total value of $76,005.54. Following the completion of the transaction, the chief financial officer owned 61,734 shares of the company’s stock, valued at approximately $6,436,386.84. The trade was a 1.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,033,574 shares of company stock valued at $98,078,384 over the last three months. 10.20% of the stock is owned by corporate insiders.

Nuvalent Stock Performance

Shares of NUVL stock opened at $109.53 on Tuesday. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $112.88. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of -20.59 and a beta of 1.31. The stock’s 50-day simple moving average is $91.31 and its 200-day simple moving average is $82.29.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the prior year, the business posted ($1.28) EPS. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent research reports. Barclays set a $152.00 target price on Nuvalent in a research report on Monday, November 17th. Raymond James Financial initiated coverage on Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price objective on the stock. Truist Financial set a $140.00 target price on Nuvalent in a research note on Monday. Robert W. Baird increased their price target on shares of Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday, November 18th. Finally, HC Wainwright lifted their price objective on shares of Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $137.86.

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.