abrdn plc Has $4.86 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

abrdn plc cut its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 45.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,460 shares of the company's stock after selling 40,233 shares during the period. abrdn plc owned approximately 0.07% of Nuvalent worth $4,855,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in shares of 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 purchasing an additional 189 shares in the last quarter. Capstone Investment Advisors LLC raised its stake in Nuvalent by 20.9% during the 1st quarter. Capstone Investment Advisors LLC now owns 9,760 shares of the company's stock worth $733,000 after buying an additional 1,685 shares during the period. SG Americas Securities LLC bought a new position in Nuvalent during the first quarter worth about $121,000. Swiss National Bank grew its stake in Nuvalent by 0.8% in the first quarter. Swiss National Bank now owns 50,900 shares of the company's stock valued at $3,822,000 after acquiring an additional 400 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Nuvalent by 5.7% in the first quarter. Sei Investments Co. now owns 31,062 shares of the company's stock worth $2,337,000 after acquiring an additional 1,681 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent analyst reports. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an "overweight" rating and a $100.00 price objective on the stock. Wedbush raised their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the stock an "outperform" rating in a report on Monday, September 16th. Stifel Nicolaus increased their target price on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, September 16th. BMO Capital Markets upped 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, JPMorgan Chase & Co. boosted their target price on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $112.40.

Insider Buying and Selling at Nuvalent

In related news, insider Deborah Ann Miller sold 3,000 shares of the company's stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,290,374. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the completion of the sale, the insider now owns 33,300 shares of the company's stock, valued at approximately $2,290,374. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now directly owns 228,522 shares in the company, valued at approximately $19,300,968.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,115,629 shares of company stock worth $206,494,948 over the last ninety days. Insiders own 12.52% of the company's stock.

Nuvalent Trading Up 0.3 %

Shares of NUVL traded up $0.31 during midday trading on Monday, reaching $89.53. The stock had a trading volume of 486,583 shares, compared to its average volume of 441,376. The firm has a market cap of $5.80 billion, a PE ratio of -32.09 and a beta of 1.33. The firm has a 50 day simple moving average of $95.89 and a 200-day simple moving average of $81.37. Nuvalent, Inc. has a one year low of $55.25 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released 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 previous year, the company posted ($0.51) earnings per share. As a group, research 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.