Principal Financial Group Inc. Sells 3,111 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Principal Financial Group Inc. cut its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 49.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,213 shares of the company’s stock after selling 3,111 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuvalent were worth $329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quest Partners LLC acquired a new position in shares of Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank lifted its stake in Nuvalent by 21.8% in 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 period. Portland Investment Counsel Inc. bought a new stake in shares of Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new stake in Nuvalent in the 2nd quarter valued at $218,000. 97.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NUVL has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus lifted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. HC Wainwright began coverage on Nuvalent in a report on Monday, December 30th. They set a “buy” rating and a $110.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Insiders Place Their Bets

In related news, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This trade represents a 18.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. The trade was a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,070,000 shares of company stock valued at $202,035,390. Insiders own 12.52% of the company’s stock.

Nuvalent Trading Down 3.3 %

NUVL opened at $78.09 on Tuesday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -22.50 and a beta of 1.38. The company’s fifty day moving average price is $89.09 and its two-hundred day moving average price is $87.40.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the firm earned ($0.59) earnings per share. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Nuvalent 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.