The Manufacturers Life Insurance Company Purchases 22,910 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

The Manufacturers Life Insurance Company boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 100.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,705 shares of the company's stock after buying an additional 22,910 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Nuvalent worth $4,676,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of NUVL. Samlyn Capital LLC purchased a new stake in Nuvalent during the second quarter valued at $17,397,000. Logos Global Management LP purchased a new stake in shares of Nuvalent during the 2nd quarter valued at about $14,793,000. Dimensional Fund Advisors LP increased its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. First Turn Management LLC lifted its stake in shares of Nuvalent by 42.3% in the 3rd 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 period. Finally, Marshall Wace LLP boosted its holdings in shares of Nuvalent by 1,127.1% in the second quarter. Marshall Wace LLP now owns 84,081 shares of the company's stock worth $6,378,000 after buying an additional 77,229 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insider Buying and Selling

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction 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 completion of the sale, the director now directly owns 222,522 shares in the company, valued at approximately $21,411,066.84. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the company's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $3,365,298. The trade was a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,093,795 shares of company stock worth $204,762,781 over the last three months. 12.52% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NUVL has been the topic of several recent research reports. BMO Capital Markets increased their price target 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. Guggenheim lifted their target price on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research report on Monday, September 16th. UBS Group initiated coverage on Nuvalent in a research report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price target for the company. The Goldman Sachs Group raised Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Finally, Barclays assumed coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.60.

Nuvalent Trading Up 0.6 %

NUVL traded up $0.58 during trading hours on Friday, hitting $94.31. The company's stock had a trading volume of 251,875 shares, compared to its average volume of 332,849. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of -27.18 and a beta of 1.31. The business's 50-day moving average price is $96.18 and its 200-day moving average price is $85.64.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the firm posted ($0.59) earnings per share. On average, analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

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.