First Turn Management LLC Has $36.74 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

First Turn Management LLC raised its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 42.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 359,114 shares of the company's stock after purchasing an additional 106,838 shares during the period. Nuvalent accounts for 5.8% of First Turn Management LLC's holdings, making the stock its biggest holding. First Turn Management LLC owned 0.55% of Nuvalent worth $36,737,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank increased its holdings in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent during the first quarter worth approximately $121,000. Mount Yale Investment Advisors LLC bought a new position in shares of Nuvalent in the 1st quarter worth $202,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Price Performance

Shares of Nuvalent stock traded up $3.37 during trading hours on Tuesday, hitting $91.06. 358,451 shares of the company's stock traded hands, compared to its average volume of 440,149. The company has a fifty day simple moving average of $97.25 and a 200-day simple moving average of $83.37. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of -25.27 and a beta of 1.33. Nuvalent, Inc. has a 12-month low of $58.80 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the firm posted ($0.59) EPS. On average, analysts forecast that Nuvalent, Inc. will post -3.8 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company's stock, valued at approximately $2,970,027. This trade represents a 23.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00. Following the sale, the director now directly owns 224,522 shares in the company, valued at approximately $20,595,403.06. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,122,629 shares of company stock valued at $207,180,508 over the last ninety days. 12.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NUVL has been the topic of several research reports. Guggenheim upped their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target for the company. UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price objective for the company. Finally, Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and an average price target 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.