Nuvalent, Inc. (NASDAQ:NUVL) Shares Bought by Citigroup Inc.

Citigroup Inc. raised its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 14.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 94,534 shares of the company's stock after acquiring an additional 12,256 shares during the quarter. Citigroup Inc. owned approximately 0.15% of Nuvalent worth $9,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Quest Partners LLC bought a new stake in Nuvalent during the second quarter valued at about $44,000. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company's stock worth $84,000 after buying an additional 198 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock worth $213,000 after purchasing an additional 382 shares during the period. Creative Planning bought a new position in shares of Nuvalent during the third quarter valued at approximately $232,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Nuvalent in the second quarter worth $218,000. Institutional investors own 97.26% of the company's stock.

Insider Activity

In related news, insider Deborah Ann Miller sold 3,000 shares of the firm's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $2,936,394. This trade represents a 8.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 10,000 shares of the business's stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $101.06, for a total value of $1,010,600.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $3,365,298. The trade was a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,098,795 shares of company stock worth $205,184,931 over the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Stock Performance

NUVL traded down $0.08 during trading on Friday, hitting $96.68. The stock had a trading volume of 185,106 shares, compared to its average volume of 436,577. The stock has a 50 day simple moving average of $96.83 and a two-hundred day simple moving average of $84.83. The company has a market capitalization of $6.87 billion, a PE ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. On average, equities research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research reports. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. BMO Capital Markets boosted their price target on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. UBS Group started coverage on Nuvalent in a report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 target price for the company. Finally, Stifel Nicolaus raised their price target on Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. 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. According to data from MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and a consensus target price of $112.60.

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.