Intech Investment Management LLC Takes $796,000 Position in Nuvalent, Inc. (NASDAQ:NUVL)

Intech Investment Management LLC purchased a new position in Nuvalent, Inc. (NASDAQ:NUVL) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,783 shares of the company’s stock, valued at approximately $796,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Turn Management LLC grew its position in Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Nuvalent during the third quarter valued at $490,000. State of New Jersey Common Pension Fund D acquired a new position in Nuvalent during the third quarter valued at $2,412,000. AlphaCentric Advisors LLC purchased a new stake in Nuvalent in the 3rd quarter worth about $716,000. Finally, Harbor Capital Advisors Inc. lifted its stake in Nuvalent by 29.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock worth $2,201,000 after acquiring an additional 4,957 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In other news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total transaction of $422,150.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,811,519. The trade was a 13.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the transaction, the director now owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,098,795 shares of company stock valued at $205,184,931 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

NASDAQ:NUVL opened at $96.68 on Friday. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The company has a fifty day moving average price of $97.06 and a 200 day moving average price of $84.62. The stock has a market cap of $6.87 billion, a P/E ratio of -27.86 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 last year, the business earned ($0.59) EPS. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NUVL. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim boosted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent 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.