Charles Schwab Investment Management Inc. Buys 50,536 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Charles Schwab Investment Management Inc. grew its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 19.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 315,827 shares of the company’s stock after buying an additional 50,536 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Nuvalent were worth $32,309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quest Partners LLC bought a new position in shares of Nuvalent during the second quarter valued at about $44,000. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the last quarter. Creative Planning bought a new position in shares of Nuvalent during the third quarter valued at about $232,000. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Nuvalent during the second quarter valued at about $218,000. 97.26% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $3,365,298. This trade represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,093,795 shares of company stock worth $204,762,781. Insiders own 12.52% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on NUVL shares. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Up 0.5 %

Nuvalent stock opened at $94.75 on Wednesday. The stock’s 50 day simple moving average is $96.67 and its two-hundred day simple moving average is $85.19. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the firm posted ($0.59) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

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.