abrdn plc Buys 9,241 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

abrdn plc raised its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 19.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,701 shares of the company's stock after purchasing an additional 9,241 shares during the quarter. abrdn plc owned 0.08% of Nuvalent worth $4,439,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new stake in Nuvalent during the third quarter valued at $1,255,000. Lord Abbett & CO. LLC boosted its stake in Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. boosted its stake in Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company's stock valued at $9,671,000 after buying an additional 12,256 shares during the period. Barclays PLC boosted its stake in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after buying an additional 40,754 shares during the period. Finally, First Turn Management LLC boosted its stake in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after buying an additional 106,838 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Price Performance

NASDAQ:NUVL traded down $0.29 during mid-day trading on Thursday, reaching $80.95. 310,151 shares of the company's stock traded hands, compared to its average volume of 478,974. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of -23.33 and a beta of 1.38. The company has a 50 day moving average price of $82.74 and a 200-day moving average price of $87.93.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NUVL shares. HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They set a "neutral" rating and a $100.00 price target for the company. BMO Capital Markets lifted their price target on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nuvalent presently has an average rating of "Moderate Buy" and an average price target of $112.36.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the sale, the director now directly owns 222,522 shares of the company's stock, valued at approximately $21,411,066.84. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $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. Insiders have sold a total of 83,800 shares of company stock worth $6,812,164 in the last 90 days. Company insiders own 12.52% of the company's stock.

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.