Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC boosted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 62.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,404 shares of the company’s stock after purchasing an additional 1,686 shares during the period. Commonwealth Equity Services LLC’s holdings in Nuvalent were worth $334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,629 shares of company stock worth $9,901,758. 12.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on NUVL shares. Guggenheim raised their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Wedbush increased their price target on Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, BMO Capital Markets increased their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Stock Down 5.5 %

Shares of NUVL opened at $102.05 on Tuesday. The firm’s fifty day moving average is $82.75 and its two-hundred day moving average is $76.55. The stock has a market cap of $6.59 billion, a PE ratio of -42.34 and a beta of 1.28. Nuvalent, Inc. has a 52-week low of $41.16 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the business posted ($0.51) EPS. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Nuvalent Company 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.