Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by Candriam S.C.A.

Candriam S.C.A. boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 15.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 368,095 shares of the company's stock after buying an additional 49,728 shares during the quarter. Candriam S.C.A. owned approximately 0.52% of Nuvalent worth $28,814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NUVL. Y Intercept Hong Kong Ltd purchased a new stake in shares of Nuvalent during the 3rd quarter worth approximately $1,255,000. Lord Abbett & CO. LLC lifted its position in Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after acquiring an additional 70,157 shares during the last quarter. Citigroup Inc. boosted its stake in Nuvalent by 14.9% in the third quarter. Citigroup Inc. now owns 94,534 shares of the company's stock valued at $9,671,000 after acquiring an additional 12,256 shares in the last quarter. Barclays PLC boosted its stake in Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after acquiring an additional 40,754 shares in the last quarter. Finally, First Turn Management LLC grew its holdings in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock worth $36,737,000 after purchasing an additional 106,838 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 5.2 %

Shares of Nuvalent stock traded down $3.69 during trading hours on Monday, hitting $67.38. 922,733 shares of the company were exchanged, compared to its average volume of 457,598. The business has a 50-day moving average of $79.32 and a 200-day moving average of $88.39. Nuvalent, Inc. has a 1 year low of $61.80 and a 1 year high of $113.51. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of -19.42 and a beta of 1.42.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now directly owns 188,113 shares of the company's stock, valued at $16,292,466.93. This represents a 12.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the transaction, the director now owns 220,522 shares of the company's stock, valued at $18,475,333.16. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock worth $8,895,004 over the last 90 days. Company insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NUVL. BMO Capital Markets boosted their target price on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and a consensus price target of $113.10.

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.