12,264 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,264 shares of the company's stock, valued at approximately $1,255,000.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC lifted its holdings in shares of Nuvalent by 108.3% in the 2nd quarter. SG Americas Securities LLC now owns 3,356 shares of the company's stock worth $255,000 after buying an additional 1,745 shares during the period. Bank of New York Mellon Corp lifted its stake in Nuvalent by 23.2% in the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company's stock worth $10,460,000 after acquiring an additional 25,966 shares during the period. Commonwealth Equity Services LLC lifted its stake in Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company's stock worth $334,000 after acquiring an additional 1,686 shares during the period. Rhumbline Advisers grew its holdings in Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company's stock worth $3,536,000 after acquiring an additional 7,420 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company's stock valued at $623,000 after purchasing an additional 1,127 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NUVL. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They set an "overweight" rating and a $100.00 target price on the stock. Guggenheim lifted their price target on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. Finally, UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a "neutral" rating and a $100.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $112.60.

Nuvalent Trading Down 7.3 %

Shares of NUVL stock traded down $6.79 during trading hours on Thursday, reaching $86.82. 970,654 shares of the company's stock were exchanged, compared to its average volume of 432,586. The stock has a market cap of $6.17 billion, a PE ratio of -24.98 and a beta of 1.31. The stock's fifty day moving average price is $95.61 and its two-hundred day moving average price is $86.29. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the business posted ($0.59) EPS. On average, equities analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the transaction, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the sale, the chief financial officer now owns 33,300 shares of the company's stock, valued at approximately $3,365,298. The trade was a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,090,795 shares of company stock valued at $204,498,241 in the last ninety days. Company insiders own 12.52% of the company's stock.

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.