Los Angeles Capital Management LLC Buys New Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Los Angeles Capital Management LLC purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 4,789 shares of the company’s stock, valued at approximately $490,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Allspring Global Investments Holdings LLC increased its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the period. SG Americas Securities LLC bought a new stake in shares of Nuvalent in the 1st quarter valued at approximately $121,000. Swiss National Bank raised its holdings in shares of Nuvalent by 0.8% in the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after buying an additional 400 shares in the last quarter. Sei Investments Co. lifted its position in shares of Nuvalent by 5.7% during the 1st quarter. Sei Investments Co. now owns 31,062 shares of the company’s stock worth $2,337,000 after buying an additional 1,681 shares during the period. Finally, ProShare Advisors LLC grew its position in Nuvalent by 10.3% in the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after acquiring an additional 830 shares during the period. Institutional investors own 97.26% of the company’s stock.

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,970,027. This represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the transaction, the director now owns 8,670,512 shares of the company’s stock, valued at $847,542,548. The trade was a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,122,629 shares of company stock valued at $207,180,508 in the last 90 days. 12.52% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NUVL. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Guggenheim upped their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. UBS Group started coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Trading Down 3.7 %

Nuvalent stock opened at $86.88 on Friday. The company has a market cap of $5.63 billion, a PE ratio of -25.04 and a beta of 1.33. Nuvalent, Inc. has a 1 year low of $56.52 and a 1 year high of $113.51. The company’s 50-day moving average is $97.28 and its two-hundred day moving average is $83.17.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the business posted ($0.59) EPS. Research analysts forecast that Nuvalent, Inc. will post -3.58 EPS for the current year.

About Nuvalent

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.