Fred Alger Management LLC Boosts Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Fred Alger Management LLC lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 8.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 627,742 shares of the company's stock after buying an additional 49,612 shares during the quarter. Fred Alger Management LLC owned approximately 0.97% of Nuvalent worth $64,218,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NUVL. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank boosted its holdings in Nuvalent by 21.8% during the second 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. grew its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock valued at $213,000 after buying an additional 382 shares during the period. Creative Planning purchased a new position in Nuvalent in the third quarter valued at $232,000. Finally, Public Employees Retirement Association of Colorado acquired a new position in shares of Nuvalent in the second quarter worth about $218,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Trading Down 0.1 %

NUVL stock traded down $0.08 during mid-day trading on Friday, reaching $96.68. The company's stock had a trading volume of 185,106 shares, compared to its average volume of 436,577. The stock has a market cap of $6.87 billion, a PE ratio of -27.86 and a beta of 1.33. The company's 50 day moving average is $97.06 and its two-hundred day moving average is $84.62. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NUVL shares. JPMorgan Chase & Co. raised their target price on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 target price for the company. BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus boosted their price target 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 investment 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $112.60.

Insider Activity

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total value of $422,150.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,811,519. The trade was a 13.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now owns 226,522 shares of the company's stock, valued at $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,098,795 shares of company stock valued at $205,184,931. 12.52% of the stock is currently owned by insiders.

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.