State Street Corp Sells 82,941 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

State Street Corp lessened its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 6.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,243,099 shares of the company's stock after selling 82,941 shares during the period. State Street Corp owned 1.92% of Nuvalent worth $127,169,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. FMR LLC increased its position in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company's stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company's stock worth $52,845,000 after buying an additional 23,730 shares during the last quarter. Fred Alger Management LLC lifted its holdings in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company's stock valued at $64,218,000 after buying an additional 49,612 shares during the period. First Turn Management LLC boosted its stake in Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after acquiring an additional 106,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock worth $26,409,000 after acquiring an additional 155,276 shares during the period. 97.26% of the stock is owned by institutional investors.

Nuvalent Stock Performance

Shares of Nuvalent stock traded up $0.04 during trading on Friday, reaching $86.86. 840,855 shares of the company's stock were exchanged, compared to its average volume of 434,280. The firm's 50-day moving average price is $94.91 and its 200 day moving average price is $86.56. The company has a market cap of $6.17 billion, a P/E ratio of -25.03 and a beta of 1.31. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the business posted ($0.59) EPS. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Insider Transactions at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the transaction, the insider now owns 33,300 shares in the company, valued at approximately $3,294,036. This represents a 49.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now owns 226,522 shares of the company's stock, valued at $23,275,135.50. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,090,795 shares of company stock worth $204,498,241. Company insiders own 12.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target on the stock. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Finally, Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.60.

Nuvalent Company 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.