Marshall Wace LLP Buys 77,229 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Marshall Wace LLP raised its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1,127.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,081 shares of the company's stock after acquiring an additional 77,229 shares during the quarter. Marshall Wace LLP owned approximately 0.13% of Nuvalent worth $6,378,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of Nuvalent by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company's stock valued at $20,888,000 after acquiring an additional 18,263 shares in the last quarter. Principal Financial Group Inc. grew its stake in Nuvalent by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company's stock valued at $719,000 after purchasing an additional 139 shares in the last quarter. TD Asset Management Inc increased its position in shares of Nuvalent by 19.7% during the 4th quarter. TD Asset Management Inc now owns 54,478 shares of the company's stock worth $4,009,000 after purchasing an additional 8,954 shares during the last quarter. Rafferty Asset Management LLC raised its stake in shares of Nuvalent by 32.7% during the 4th quarter. Rafferty Asset Management LLC now owns 127,046 shares of the company's stock worth $9,349,000 after purchasing an additional 31,331 shares in the last quarter. Finally, Affinity Asset Advisors LLC boosted its holdings in shares of Nuvalent by 250.0% in the 4th quarter. Affinity Asset Advisors LLC now owns 175,000 shares of the company's stock valued at $12,878,000 after buying an additional 125,000 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. BMO Capital Markets raised their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an "outperform" rating in a research note on Monday, September 16th. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target for the company. Finally, Lifesci Capital upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $111.00.

Nuvalent Trading Up 0.7 %

Shares of NASDAQ:NUVL traded up $0.72 during trading on Tuesday, reaching $103.02. 736,315 shares of the stock were exchanged, compared to its average volume of 442,488. Nuvalent, Inc. has a 12 month low of $41.16 and a 12 month high of $113.51. The stock has a 50-day moving average price of $84.75 and a 200-day moving average price of $77.08. The firm has a market cap of $6.65 billion, a PE ratio of -42.45 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the business posted ($0.51) EPS. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the transaction, the director now directly owns 226,522 shares of the company's stock, valued at $23,275,135.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now directly owns 226,522 shares of the company's stock, valued at $23,275,135.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Henry E. Pelish sold 32,795 shares of the business's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $3,294,036. The disclosure for this sale can be found here. Insiders sold a total of 102,629 shares of company stock valued at $8,975,258 over the last quarter. 12.52% of the stock is owned by corporate insiders.

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.