Nuvalent, Inc. $NUVL Shares Purchased by Comerica Bank

Comerica Bank increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 25,180.0% in the fourth quarter, Holdings Channel reports. The firm owned 20,224 shares of the company’s stock after acquiring an additional 20,144 shares during the period. Comerica Bank’s holdings in Nuvalent were worth $2,034,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Candriam S.C.A. boosted its holdings in Nuvalent by 9.4% in the 3rd quarter. Candriam S.C.A. now owns 329,721 shares of the company’s stock worth $28,514,000 after acquiring an additional 28,462 shares during the period. Hudson Bay Capital Management LP purchased a new position in Nuvalent in the 3rd quarter worth approximately $1,297,000. SG Americas Securities LLC purchased a new position in Nuvalent in the 3rd quarter worth approximately $1,629,000. HighVista Strategies LLC boosted its holdings in Nuvalent by 84.9% in the 3rd quarter. HighVista Strategies LLC now owns 93,294 shares of the company’s stock worth $8,068,000 after acquiring an additional 42,834 shares during the period. Finally, Aberdeen Group plc boosted its holdings in Nuvalent by 115.4% in the 4th quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock worth $16,615,000 after acquiring an additional 88,489 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Activity at Nuvalent

In other news, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $99.22, for a total transaction of $545,710.00. Following the completion of the sale, the insider owned 59,634 shares of the company’s stock, valued at approximately $5,916,885.48. This trade represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the sale, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at $33,036,945.51. The trade was a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,023 shares of company stock worth $8,235,217 over the last three months. 10.20% of the stock is owned by corporate insiders.

Nuvalent Trading Up 2.7%

NUVL stock opened at $104.26 on Thursday. Nuvalent, Inc. has a twelve month low of $63.56 and a twelve month high of $113.01. The company has a market capitalization of $8.20 billion, a P/E ratio of -17.82 and a beta of 1.15. The firm has a 50 day simple moving average of $101.99 and a 200-day simple moving average of $102.28.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Nuvalent in a report on Wednesday, April 8th. Cantor Fitzgerald upped their price target on Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. Wells Fargo & Company assumed coverage on Nuvalent in a report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $155.00 price target on shares of Nuvalent in a report on Tuesday, April 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Sixteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $137.25.

Nuvalent Company 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.