AQR Capital Management LLC Sells 8,783 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

AQR Capital Management LLC lowered its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 39.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,364 shares of the company's stock after selling 8,783 shares during the quarter. AQR Capital Management LLC's holdings in Nuvalent were worth $1,014,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company's stock worth $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company's stock worth $214,735,000 after acquiring an additional 454,540 shares in the last quarter. Darwin Global Management Ltd. boosted its stake in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company's stock worth $107,902,000 after acquiring an additional 1,379,266 shares in the last quarter. Fred Alger Management LLC boosted its stake in shares of Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company's stock worth $43,857,000 after acquiring an additional 33,758 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock worth $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on NUVL shares. Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Lifesci Capital raised Nuvalent to a "strong-buy" rating in a research report on Monday, July 29th. BMO Capital Markets boosted their price objective on Nuvalent from $102.00 to $132.00 and gave the stock an "outperform" rating in a research report on Monday, September 16th. Finally, Guggenheim boosted their price objective on Nuvalent from $99.00 to $105.00 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, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $113.78.

Insider Transactions at Nuvalent

In other news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,290,374. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 sale, the director now directly owns 230,522 shares in the company, valued at $18,347,245.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,290,374. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,629 shares of company stock valued at $9,793,908. Corporate insiders own 12.52% of the company's stock.

Nuvalent Stock Up 1.1 %

Nuvalent stock traded up $1.16 during trading hours on Friday, hitting $103.59. The stock had a trading volume of 298,313 shares, compared to its average volume of 438,014. The company has a 50-day moving average of $89.09 and a two-hundred day moving average of $78.66. The company has a market cap of $6.69 billion, a PE ratio of -42.98 and a beta of 1.29. Nuvalent, Inc. has a fifty-two week low of $49.02 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.12). During the same period last year, the business earned ($0.51) earnings per share. As a group, analysts forecast that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

About Nuvalent

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.