Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 80.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 348,089 shares of the company's stock after acquiring an additional 155,276 shares during the period. Dimensional Fund Advisors LP owned 0.54% of Nuvalent worth $26,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in shares of Nuvalent in the second quarter valued at approximately $44,000. SG Americas Securities LLC acquired a new stake in Nuvalent during the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC increased its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock worth $168,000 after buying an additional 189 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the first quarter worth $202,000. Finally, Commonwealth Equity Services LLC lifted its position in shares of Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company's stock valued at $334,000 after acquiring an additional 1,686 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Price Performance

NUVL stock traded down $0.06 during midday trading on Thursday, reaching $103.50. 282,650 shares of the company's stock traded hands, compared to its average volume of 441,457. Nuvalent, Inc. has a fifty-two week low of $41.45 and a fifty-two week high of $113.51. The business has a 50-day moving average price of $85.62 and a two-hundred day moving average price of $77.42. The company has a market capitalization of $6.68 billion, a P/E ratio of -42.95 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 (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the business earned ($0.51) EPS. As a group, research analysts forecast that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the transaction, the director now owns 230,522 shares in the company, valued at approximately $18,347,245.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $79.59, for a total transaction of $159,180.00. Following the completion of the transaction, the director now directly owns 230,522 shares in the company, valued at approximately $18,347,245.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Monday, July 8th. The stock was sold at an average price of $73.23, for a total transaction of $219,690.00. Following the completion of the sale, the insider now owns 33,300 shares of the company's stock, valued at approximately $2,438,559. The disclosure for this sale can be found here. In the last three months, insiders sold 117,629 shares of company stock valued at $10,494,558. Corporate insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NUVL. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $90.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, September 4th. BMO Capital Markets raised their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an "outperform" rating in a research report on Monday, September 16th. Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. Lifesci Capital upgraded Nuvalent to a "strong-buy" rating in a report on Monday, July 29th. Finally, Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 target price for the company. One investment 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, Nuvalent presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.00.

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.