Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by Citigroup Inc.

Citigroup Inc. increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 14.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 94,534 shares of the company’s stock after purchasing an additional 12,256 shares during the period. Citigroup Inc.’s holdings in Nuvalent were worth $9,671,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Renaissance Capital LLC grew its stake in Nuvalent by 64.4% during the 2nd quarter. Renaissance Capital LLC now owns 28,481 shares of the company’s stock worth $2,161,000 after purchasing an additional 11,154 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Nuvalent by 108.3% during the 2nd quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after buying an additional 1,745 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Nuvalent by 23.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock worth $10,460,000 after buying an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Nuvalent by 62.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after buying an additional 1,686 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock worth $3,536,000 after buying an additional 7,420 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Down 0.1 %

NUVL opened at $96.68 on Friday. The business has a 50 day moving average price of $97.06 and a two-hundred day moving average price of $84.62. The company has a market cap of $6.87 billion, a PE ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the firm earned ($0.59) earnings per share. As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 18.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total value of $422,150.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,811,519. The trade was a 13.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,098,795 shares of company stock valued at $205,184,931 in the last ninety days. Insiders own 12.52% of the company’s stock.

Analyst Ratings Changes

NUVL has been the subject of a number of recent analyst reports. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. Stifel Nicolaus lifted 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. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, UBS Group initiated coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.