Nuvalent, Inc. (NASDAQ:NUVL) Stock Holdings Lowered by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 297,588 shares of the company's stock after selling 10,774 shares during the quarter. Lord Abbett & CO. LLC owned about 0.42% of Nuvalent worth $23,295,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in NUVL. Crowley Wealth Management Inc. purchased a new position in shares of Nuvalent during the 4th quarter worth approximately $27,000. US Bancorp DE acquired a new stake in Nuvalent during the 4th quarter valued at $90,000. KBC Group NV grew its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares during the last quarter. Finally, Diametric Capital LP acquired a new stake in shares of Nuvalent during the fourth quarter worth $212,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at $19,541,404.52. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 83,000 shares of company stock valued at $6,185,150 in the last ninety days. Company insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $0.67 during midday trading on Tuesday, hitting $75.87. The company's stock had a trading volume of 427,409 shares, compared to its average volume of 474,012. The firm's fifty day moving average price is $71.82 and its 200-day moving average price is $82.01. The firm has a market cap of $5.43 billion, a P/E ratio of -21.86 and a beta of 1.43. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.