Connor Clark & Lunn Investment Management Ltd. Sells 18,609 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 55.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,155 shares of the company's stock after selling 18,609 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Nuvalent were worth $1,186,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd acquired a new position in Nuvalent during the 3rd quarter valued at about $1,255,000. Lord Abbett & CO. LLC boosted its stake in Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after acquiring an additional 70,157 shares during the last quarter. Citigroup Inc. grew its holdings in Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company's stock worth $9,671,000 after acquiring an additional 12,256 shares during the period. Barclays PLC raised its position in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after acquiring an additional 40,754 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after purchasing an additional 2,664 shares during the period. Institutional investors own 97.26% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $113.10.

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Nuvalent Price Performance

NUVL traded down $0.82 during trading on Monday, reaching $77.14. The company had a trading volume of 428,656 shares, compared to its average volume of 460,409. The company has a market cap of $5.52 billion, a P/E ratio of -22.23 and a beta of 1.42. Nuvalent, Inc. has a 12 month low of $61.80 and a 12 month high of $113.51. The business's fifty day moving average price is $78.56 and its 200 day moving average price is $87.71.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the sale, the director now owns 218,522 shares of the company's stock, valued at $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Henry E. Pelish sold 2,483 shares of the firm's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares of the company's stock, valued at approximately $4,779,286.08. This trade represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,800 shares of company stock valued at $8,437,464 over the last three months. Company insiders own 12.52% of the company's stock.

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.