AlphaCentric Advisors LLC Invests $716,000 in Nuvalent, Inc. (NASDAQ:NUVL)

AlphaCentric Advisors LLC acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 7,000 shares of the company's stock, valued at approximately $716,000.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock valued at $168,000 after buying an additional 189 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent during the 1st quarter worth approximately $121,000. Swiss National Bank grew its position in shares of 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 purchasing an additional 400 shares in the last quarter. Sei Investments Co. grew its holdings in Nuvalent by 5.7% in the 1st quarter. Sei Investments Co. now owns 31,062 shares of the company's stock valued at $2,337,000 after buying an additional 1,681 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Nuvalent by 10.3% in the 1st quarter. ProShare Advisors LLC now owns 8,884 shares of the company's stock valued at $667,000 after purchasing an additional 830 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares of the company's stock, valued at $23,275,135.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the firm's stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $68.78, for a total transaction of $206,340.00. Following the sale, the insider now directly owns 33,300 shares of the company's stock, valued at $2,290,374. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the transaction, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,125,629 shares of company stock worth $207,386,848. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Up 2.6 %

NASDAQ:NUVL traded up $2.35 during trading hours on Tuesday, reaching $91.88. 291,895 shares of the company's stock were exchanged, compared to its average volume of 440,678. Nuvalent, Inc. has a 1-year low of $55.25 and a 1-year high of $113.51. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of -33.04 and a beta of 1.33. The company has a 50-day moving average of $96.00 and a 200 day moving average of $81.67.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the firm earned ($0.51) earnings per share. Research analysts forecast that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NUVL. Lifesci Capital raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. Barclays started coverage on Nuvalent in a research report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 target price on the stock. BMO Capital Markets raised their price target on Nuvalent from $102.00 to $132.00 and gave the stock an "outperform" rating in a research report on Monday, September 16th. JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $112.40.

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.