Nuvalent, Inc. $NUVL Shares Acquired by Royal Bank of Canada

Royal Bank of Canada increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 1,537.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 23,569 shares of the company’s stock after buying an additional 22,130 shares during the quarter. Royal Bank of Canada’s holdings in Nuvalent were worth $2,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in Nuvalent by 64.8% in the 1st quarter. AQR Capital Management LLC now owns 9,874 shares of the company’s stock worth $700,000 after acquiring an additional 3,881 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Nuvalent by 54.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company’s stock valued at $32,171,000 after purchasing an additional 159,873 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Nuvalent by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company’s stock valued at $10,634,000 after purchasing an additional 12,123 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Nuvalent by 28.7% in the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company’s stock valued at $1,366,000 after purchasing an additional 4,293 shares during the period. Finally, Prudential Financial Inc. acquired a new position in shares of Nuvalent in the second quarter valued at about $412,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Shares of NUVL opened at $123.96 on Monday. The business’s 50-day moving average is $123.05 and its two-hundred day moving average is $109.41. The company has a market capitalization of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $123.99.

Insider Buying and Selling

In related news, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $107.84, for a total transaction of $593,120.00. Following the sale, the insider directly owned 59,634 shares of the company’s stock, valued at $6,430,930.56. This trade represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Henry E. Pelish sold 2,111 shares of Nuvalent stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $123.81, for a total value of $261,362.91. Following the transaction, the insider owned 63,493 shares of the company’s stock, valued at approximately $7,861,068.33. This represents a 3.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 90,471 shares of company stock worth $9,762,529. Corporate insiders own 5.02% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Piper Sandler cut Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 price objective for the company. in a research note on Tuesday, June 9th. Wedbush lowered Nuvalent from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $124.00 in a research report on Tuesday, June 9th. Raymond James Financial downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 9th. Sanford C. Bernstein lowered shares of Nuvalent from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $172.00 to $124.00 in a research report on Wednesday, June 24th. Finally, HC Wainwright cut shares of Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price objective for the company. in a research note on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Hold” and an average target price of $127.73.

About Nuvalent

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.