Two Sigma Advisers LP Sells 9,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Two Sigma Advisers LP lessened its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 5.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 152,200 shares of the company's stock after selling 9,000 shares during the period. Two Sigma Advisers LP owned about 0.23% of Nuvalent worth $15,570,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new stake in shares of Nuvalent in the 2nd quarter worth $1,191,000. Citigroup Inc. grew its stake in Nuvalent by 14.9% during the 3rd 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. First Turn Management LLC increased its holdings 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 valued at $36,737,000 after purchasing an additional 106,838 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock worth $26,409,000 after purchasing an additional 155,276 shares during the period. Finally, Samlyn Capital LLC purchased a new position in Nuvalent during the second quarter valued at approximately $17,397,000. Institutional investors own 97.26% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 target price for the company. Wedbush reissued an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. JPMorgan Chase & Co. boosted their target price on 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 stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, Guggenheim increased their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.60.

Nuvalent Stock Down 0.4 %

NUVL stock traded down $0.40 during mid-day trading on Monday, reaching $93.91. 218,929 shares of the stock traded hands, compared to its average volume of 431,874. The business has a 50-day moving average of $96.18 and a two-hundred day moving average of $85.87. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its 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 previous year, the business earned ($0.59) earnings per share. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $101.06, for a total value 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. This represents a 23.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the transaction, the director now directly owns 226,522 shares of the company's stock, valued at $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,090,795 shares of company stock worth $204,498,241. Insiders own 12.52% of the company's stock.

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.