Ellsworth Advisors LLC Has $822,000 Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Ellsworth Advisors LLC lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 4.4% during the fourth quarter, HoldingsChannel reports. The fund owned 11,176 shares of the company’s stock after selling 515 shares during the quarter. Ellsworth Advisors LLC’s holdings in Nuvalent were worth $822,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NUVL. Vanguard Group Inc. increased its stake in Nuvalent by 115.6% in the 1st quarter. Vanguard Group Inc. now owns 1,637,507 shares of the company’s stock valued at $22,745,000 after buying an additional 877,835 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Nuvalent in the 4th quarter valued at about $15,953,000. ArrowMark Colorado Holdings LLC purchased a new stake in Nuvalent in the 4th quarter valued at about $9,650,000. BlackRock Inc. increased its stake in Nuvalent by 30.2% in the 1st quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock valued at $17,466,000 after buying an additional 291,821 shares during the last quarter. Finally, Silverarc Capital Management LLC increased its stake in Nuvalent by 631.1% in the 4th quarter. Silverarc Capital Management LLC now owns 302,963 shares of the company’s stock valued at $9,022,000 after buying an additional 261,524 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Down 2.0 %

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. The company’s 50 day simple moving average is $81.12 and its 200-day simple moving average is $68.07. Nuvalent, Inc. has a 12 month low of $23.09 and a 12 month high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, sell-side analysts expect that Nuvalent, Inc. will post -2.96 EPS for the current year.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wedbush reiterated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Robert W. Baird started coverage on shares of Nuvalent in a research note on Friday, February 23rd. They set an “outperform” rating and a $105.00 price target for the company. Leerink Partnrs restated a “market perform” rating on shares of Nuvalent in a research note on Thursday, February 22nd. BMO Capital Markets raised their price target on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Finally, JPMorgan Chase & Co. raised their price target on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $81.50.

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.