Eagle Asset Management Inc. reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 16.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 130,770 shares of the company's stock after selling 25,179 shares during the quarter. Eagle Asset Management Inc. owned 0.20% of Nuvalent worth $12,478,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Nuvalent by 19.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 315,827 shares of the company's stock valued at $32,309,000 after buying an additional 50,536 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Nuvalent during the third quarter worth about $796,000. First Turn Management LLC boosted its holdings in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock worth $36,737,000 after purchasing an additional 106,838 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Nuvalent during the third quarter worth about $490,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Nuvalent during the third quarter worth about $2,412,000. 97.26% of the stock is owned by institutional investors.
Nuvalent Stock Up 2.4 %
Shares of NUVL stock traded up $2.20 during trading hours on Friday, hitting $94.93. 419,555 shares of the company's stock traded hands, compared to its average volume of 468,382. The stock's fifty day simple moving average is $97.80 and its two-hundred day simple moving average is $83.92. Nuvalent, Inc. has a 12-month low of $61.01 and a 12-month high of $113.51. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of -27.36 and a beta of 1.33.
Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly 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 quarter in the prior year, the company earned ($0.59) EPS. On average, equities analysts forecast that Nuvalent, Inc. will post -3.8 earnings per share for the current fiscal year.
Insider Activity at Nuvalent
In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares of the company's stock, valued at approximately $19,300,968.12. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company's stock, valued at approximately $2,804,859. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,108,795 shares of company stock valued at $206,003,711 over the last 90 days. Corporate insiders own 12.52% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on NUVL shares. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Lifesci Capital upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, July 29th. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Finally, Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has assigned 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 price target of $112.60.
Check Out Our Latest Analysis on NUVL
Nuvalent Company Profile
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Free Report)
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.
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