Verition Fund Management LLC Invests $1.07 Million in Nuvalent, Inc. (NASDAQ:NUVL)

Verition Fund Management LLC acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,446 shares of the company's stock, valued at approximately $1,069,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. FMR LLC lifted its holdings in shares of Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company's stock valued at $987,640,000 after buying an additional 786,257 shares during the period. Driehaus Capital Management LLC lifted its holdings in Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company's stock valued at $52,845,000 after acquiring an additional 23,730 shares during the period. Fred Alger Management LLC boosted its position in Nuvalent by 6.2% in the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company's stock worth $43,857,000 after purchasing an additional 33,758 shares in the last quarter. First Turn Management LLC grew its position in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after buying an additional 106,838 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Nuvalent by 80.5% in 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 in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. BMO Capital Markets lifted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Guggenheim raised their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $112.60.

Insider Buying and Selling

In related news, insider Henry E. Pelish sold 32,795 shares of the business's 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 sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The trade was a 49.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Flynn sold 2,000,000 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now directly owns 8,670,512 shares in the company, valued at $847,542,548. The trade was a 18.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,090,795 shares of company stock worth $204,498,241. Insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

Shares of NUVL stock traded down $0.40 during trading hours on Monday, reaching $93.91. The company had a trading volume of 218,929 shares, compared to its average volume of 431,874. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of -27.06 and a beta of 1.31. The stock has a fifty day moving average of $96.01 and a 200-day moving average of $86.06.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 prior year, the firm posted ($0.59) earnings per share. On average, analysts forecast that Nuvalent, Inc. will post -3.84 EPS 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.