UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 7.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,821 shares of the company's stock after selling 10,788 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.21% of Nuvalent worth $14,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of NUVL. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank increased its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock worth $84,000 after purchasing an additional 198 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Creative Planning bought a new stake in shares of Nuvalent during the 3rd quarter valued at $232,000. Finally, Public Employees Retirement Association of Colorado purchased a new position in shares of Nuvalent during the 2nd quarter valued at $218,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, 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 transaction, the director now owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,970,027. This represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,093,795 shares of company stock worth $204,762,781 over the last ninety days. Company insiders own 12.52% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NUVL shares. UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price target for the company. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, September 16th. BMO Capital Markets upped 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, JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $112.60.

Nuvalent Stock Performance

NUVL stock traded up $0.58 during trading on Friday, hitting $94.31. 251,875 shares of the company's stock traded hands, compared to its average volume of 332,849. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of -27.18 and a beta of 1.31. The business has a fifty day simple moving average of $96.18 and a 200 day simple moving average of $85.76.

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

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.