Intech Investment Management LLC Takes Position in Nuvalent, Inc. (NASDAQ:NUVL)

Intech Investment Management LLC acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 7,783 shares of the company's stock, valued at approximately $796,000.

A number of other institutional investors also recently made changes to their positions in NUVL. Driehaus Capital Management LLC raised its holdings in Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company's stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. Fred Alger Management LLC raised its holdings in Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company's stock valued at $43,857,000 after buying an additional 33,758 shares during the last quarter. First Turn Management LLC raised its holdings in Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after buying an additional 106,838 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock valued at $26,409,000 after buying an additional 155,276 shares during the last quarter. Finally, Samlyn Capital LLC bought a new stake in Nuvalent during the 2nd quarter valued at $17,397,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $0.08 during trading on Friday, hitting $96.68. The company's stock had a trading volume of 185,106 shares, compared to its average volume of 436,577. The company has a fifty day simple moving average of $96.83 and a two-hundred day simple moving average of $84.83. The company has a market capitalization of $6.87 billion, a PE ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the company posted ($0.59) EPS. As a group, analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research reports. JPMorgan Chase & Co. upped their price objective 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. 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. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price objective for the company. Finally, Wedbush restated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.60.

Insider Activity at Nuvalent

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

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.