Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Barclays PLC

Barclays PLC boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 149.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,107 shares of the company's stock after purchasing an additional 40,754 shares during the quarter. Barclays PLC owned about 0.11% of Nuvalent worth $6,968,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of NUVL. FMR LLC lifted its position in Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company's stock worth $987,640,000 after acquiring an additional 786,257 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock worth $103,511,000 after purchasing an additional 400,402 shares during the period. Driehaus Capital Management LLC grew its position in Nuvalent by 3.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company's stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. Fred Alger Management LLC increased its stake in Nuvalent by 8.6% in the 3rd quarter. Fred Alger Management LLC now owns 627,742 shares of the company's stock valued at $64,218,000 after buying an additional 49,612 shares during the period. Finally, First Turn Management LLC raised 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 buying an additional 106,838 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Price Performance

NUVL traded up $1.19 during midday trading on Thursday, reaching $84.64. 730,869 shares of the company's stock were exchanged, compared to its average volume of 435,898. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The stock has a market capitalization of $6.01 billion, a PE ratio of -24.39 and a beta of 1.31. The business's 50-day moving average price is $93.95 and its 200 day moving average price is $86.98.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its 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 in the previous year, the firm earned ($0.59) earnings per share. As a group, analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company's stock, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. The trade was a 18.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,085,000 shares of company stock valued at $203,592,630 over the last quarter. Insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NUVL. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a "neutral" rating and a $100.00 price target for the company. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target on the stock. Stifel Nicolaus increased their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and an average target price of $112.60.

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.