Dynamic Technology Lab Private Ltd Purchases New Position in Nuvalent, Inc. (NASDAQ:NUVL)

Dynamic Technology Lab Private Ltd bought a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,932 shares of the company's stock, valued at approximately $699,000.

A number of other large investors also recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd bought a new position in shares of Nuvalent during the third quarter valued at about $1,255,000. Lord Abbett & CO. LLC boosted its holdings in Nuvalent by 29.5% during the 3rd 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 period. Barclays PLC grew its position in Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after purchasing an additional 2,664 shares during the period. Finally, KBC Group NV lifted its position in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after purchasing an additional 602 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Friday, March 14th. Finally, Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $113.44.

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Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares of the company's stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,926,221.38. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,000 shares of company stock valued at $6,541,080 over the last ninety days. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $4.30 during midday trading on Friday, hitting $66.29. 584,193 shares of the company traded hands, compared to its average volume of 476,062. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The firm has a market cap of $4.75 billion, a P/E ratio of -19.10 and a beta of 1.43. The stock has a 50-day moving average price of $74.24 and a 200 day moving average price of $84.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.