Walleye Capital LLC bought a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 20,071 shares of the company's stock, valued at approximately $2,053,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank boosted its position in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company's stock worth $84,000 after acquiring an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 worth $213,000 after purchasing an additional 382 shares during the period. Quest Partners LLC purchased a new position in Nuvalent during the second quarter valued at approximately $44,000. Arizona State Retirement System increased its stake in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company's stock valued at $623,000 after buying an additional 1,127 shares during the period. Finally, MetLife Investment Management LLC lifted its position in Nuvalent by 6.7% in the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company's stock worth $2,019,000 after buying an additional 1,231 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.
In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. The trade was a 18.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the sale, the insider now owns 33,300 shares of the company's stock, valued at $2,936,394. This represents a 8.26 % decrease in their position. 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. 12.52% of the stock is owned by corporate insiders.
A number of equities analysts have recently weighed in on the stock. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price target on the stock. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price objective on the stock. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. upped their price target on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and a consensus price target of $112.60.
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Shares of NUVL opened at $94.75 on Wednesday. The company has a 50-day moving average price of $96.67 and a two-hundred day moving average price of $85.19. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of -27.31 and a beta of 1.31. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51.
Nuvalent (NASDAQ:NUVL - Get Free Report) 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 in the previous year, the business posted ($0.59) EPS. Equities research analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.
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.
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