Lord Abbett & CO. LLC Raises Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Lord Abbett & CO. LLC grew its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 29.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 308,362 shares of the company's stock after acquiring an additional 70,157 shares during the quarter. Lord Abbett & CO. LLC owned about 0.43% of Nuvalent worth $31,546,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. SG Americas Securities LLC raised its position in shares of Nuvalent by 108.3% in the 2nd quarter. SG Americas Securities LLC now owns 3,356 shares of the company's stock valued at $255,000 after purchasing an additional 1,745 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company's stock valued at $10,460,000 after acquiring an additional 25,966 shares during the period. Commonwealth Equity Services LLC raised its stake in Nuvalent by 62.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company's stock worth $334,000 after acquiring an additional 1,686 shares during the last quarter. Rhumbline Advisers raised its stake in Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company's stock worth $3,536,000 after acquiring an additional 7,420 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Nuvalent by 15.9% during the second quarter. Arizona State Retirement System now owns 8,215 shares of the company's stock worth $623,000 after purchasing an additional 1,127 shares during the period. 97.26% of the stock is owned by institutional investors.

Nuvalent Stock Performance

Shares of NUVL stock traded up $0.56 during trading hours on Monday, reaching $87.42. The company had a trading volume of 513,635 shares, compared to its average volume of 434,610. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of -25.19 and a beta of 1.31. The stock has a fifty day moving average of $94.59 and a 200-day moving average of $86.85.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its 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 quarter in the prior year, the firm posted ($0.59) earnings per share. On average, analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, 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 completion of the transaction, the director now owns 226,522 shares of the company's stock, valued at $23,275,135.50. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,970,027. This trade represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,058,000 shares of company stock valued at $201,254,160 over the last ninety days. Company insiders own 12.52% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on NUVL. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research note on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $112.60.

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.