Ellsworth Advisors LLC Sells 515 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Ellsworth Advisors LLC trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,176 shares of the company’s stock after selling 515 shares during the period. Ellsworth Advisors LLC’s holdings in Nuvalent were worth $822,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legato Capital Management LLC increased its stake in Nuvalent by 39.8% during the fourth quarter. Legato Capital Management LLC now owns 7,883 shares of the company’s stock valued at $580,000 after acquiring an additional 2,244 shares during the period. High Net Worth Advisory Group LLC bought a new position in Nuvalent during the fourth quarter valued at about $221,000. Exchange Traded Concepts LLC increased its stake in Nuvalent by 33.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after acquiring an additional 750 shares during the period. Compass Wealth Management LLC bought a new stake in shares of Nuvalent in the 4th quarter valued at approximately $63,000. Finally, Vanguard Group Inc. grew its stake in shares of Nuvalent by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,134,182 shares of the company’s stock valued at $98,108,000 after purchasing an additional 15,722 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NUVL has been the topic of several analyst reports. Leerink Partnrs reiterated a “market perform” rating on shares of Nuvalent in a research note on Thursday, February 22nd. Wedbush reiterated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. BMO Capital Markets upped their price objective on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Guggenheim initiated coverage on Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $81.50.

Nuvalent Stock Down 2.0 %

Shares of NUVL traded down $1.55 on Friday, hitting $75.09. The company’s stock had a trading volume of 713,785 shares, compared to its average volume of 438,024. Nuvalent, Inc. has a fifty-two week low of $23.09 and a fifty-two week high of $89.39. The company has a 50 day moving average price of $81.12 and a 200 day moving average price of $68.07.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, sell-side analysts predict that Nuvalent, Inc. will post -2.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the sale, the director now owns 1,687,198 shares in the company, valued at approximately $129,526,190.46. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Darlene Noci sold 20,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Company insiders own 14.77% of the company’s stock.

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.