Victory Capital Management Inc. Sells 22,430 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Victory Capital Management Inc. lessened its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 13.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 150,199 shares of the company’s stock after selling 22,430 shares during the period. Victory Capital Management Inc.’s holdings in Nuvalent were worth $15,365,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NUVL. SG Americas Securities LLC bought a new stake in shares of Nuvalent in the first quarter valued at about $121,000. Sei Investments Co. lifted its stake in shares of Nuvalent by 5.7% in the first quarter. Sei Investments Co. now owns 31,062 shares of the company’s stock valued at $2,337,000 after buying an additional 1,681 shares during the period. ProShare Advisors LLC lifted its stake in shares of Nuvalent by 10.3% in the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after buying an additional 830 shares during the period. Vanguard Group Inc. lifted its stake in shares of Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the period. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Nuvalent in the first quarter valued at about $202,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Up 3.8 %

NASDAQ NUVL opened at $91.06 on Wednesday. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of -26.24 and a beta of 1.33. The company has a 50 day moving average of $97.32 and a 200-day moving average of $83.52. Nuvalent, Inc. has a 1-year low of $58.80 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) EPS. On average, analysts forecast that Nuvalent, Inc. will post -3.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. Finally, BMO Capital Markets increased their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares of the company’s stock, valued at $19,300,968.12. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,122,629 shares of company stock valued at $207,180,508. Corporate insiders own 12.52% of the company’s stock.

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.