SG Americas Securities LLC Grows Stake in Nuvalent, Inc. (NASDAQ:NUVL)

SG Americas Securities LLC grew its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 46.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,793 shares of the company's stock after buying an additional 3,408 shares during the period. SG Americas Securities LLC's holdings in Nuvalent were worth $845,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in NUVL. Amalgamated Bank lifted its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock worth $84,000 after buying an additional 198 shares during the period. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the third quarter worth $205,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock valued at $213,000 after buying an additional 382 shares during the period. Algert Global LLC acquired a new stake in shares of Nuvalent during the 2nd quarter worth approximately $224,000. Finally, Creative Planning acquired a new stake in shares of Nuvalent during the 3rd quarter valued at about $232,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

NUVL traded up $2.23 during midday trading on Thursday, hitting $87.75. The company had a trading volume of 290,798 shares, compared to its average volume of 524,705. The firm's 50-day simple moving average is $84.99 and its 200-day simple moving average is $87.68. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a market capitalization of $6.23 billion, a PE ratio of -25.29 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the business posted ($0.59) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 4,016 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the transaction, the chief financial officer now directly owns 61,734 shares in the company, valued at $4,918,965.12. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,926,221.38. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,800 shares of company stock worth $6,812,164. Company insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group started coverage on Nuvalent in a report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price objective on the stock. HC Wainwright reissued a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $112.36.

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.