15,695 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Bought by Edgestream Partners L.P.

Edgestream Partners L.P. bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 15,695 shares of the company’s stock, valued at approximately $1,191,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Darwin Global Management Ltd. grew its stake in Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Nuvalent by 56.5% during the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after buying an additional 1,205,668 shares during the last quarter. Commodore Capital LP lifted its holdings in Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the last quarter. Perceptive Advisors LLC lifted its holdings in Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after buying an additional 454,540 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Nuvalent during the 4th quarter worth about $14,718,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Up 4.6 %

Shares of NUVL stock opened at $108.00 on Friday. The stock has a market capitalization of $6.97 billion, a PE ratio of -44.81 and a beta of 1.28. Nuvalent, Inc. has a 52-week low of $41.16 and a 52-week high of $113.51. The stock’s 50-day moving average price is $81.75 and its 200 day moving average price is $76.35.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) earnings per share. Analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the transaction, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the transaction, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,511,819. The disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock worth $10,062,198 in the last quarter. Company insiders own 12.52% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price target on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Guggenheim lifted their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets boosted their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Wedbush boosted their target price on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Finally, Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.00.

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.