Parkman Healthcare Partners LLC lowered its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 45.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,400 shares of the company's stock after selling 19,488 shares during the period. Parkman Healthcare Partners LLC's holdings in Nuvalent were worth $2,394,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the business. Amalgamated Bank increased its position 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 last quarter. HighVista Strategies LLC increased its holdings in shares of Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company's stock valued at $2,969,000 after acquiring an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock valued at $213,000 after acquiring an additional 382 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter valued at about $44,000. Finally, Arizona State Retirement System increased its holdings in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company's stock valued at $623,000 after acquiring an additional 1,127 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have commented on NUVL. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. 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 on the stock. Finally, Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $112.60.
Read Our Latest Stock Report on Nuvalent
Nuvalent Trading Down 0.6 %
NUVL stock traded down $0.53 during trading on Wednesday, hitting $94.22. The company had a trading volume of 263,770 shares, compared to its average volume of 434,060. The company has a fifty day moving average price of $96.54 and a two-hundred day moving average price of $85.36. The company has a market cap of $6.69 billion, a P/E ratio of -27.52 and a beta of 1.31. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.
Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its 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 quarter in the prior year, the business posted ($0.59) EPS. On average, analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the transaction, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. The trade was a 49.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,093,795 shares of company stock valued at $204,762,781. 12.52% of the stock is currently owned by corporate insiders.
Nuvalent Company Profile
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Free Report)
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.
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