Nuvalent, Inc. (NASDAQ:NUVL) Stock Holdings Increased by Janus Henderson Group PLC

Janus Henderson Group PLC lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 39.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,716 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Janus Henderson Group PLC’s holdings in Nuvalent were worth $1,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its position in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Driehaus Capital Management LLC increased 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 worth $52,845,000 after buying an additional 23,730 shares during the last quarter. Fred Alger Management LLC increased its holdings in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after buying an additional 49,612 shares during the last quarter. First Turn Management LLC increased its holdings in Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after buying an additional 106,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NUVL has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. 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. BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Barclays assumed coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the transaction, the director now directly owns 224,522 shares of the company’s stock, valued at approximately $20,595,403.06. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,970,027. The trade was a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,090,795 shares of company stock valued at $204,498,241 over the last ninety days. 12.52% of the stock is owned by company insiders.

Nuvalent Trading Down 7.3 %

Shares of Nuvalent stock opened at $86.82 on Friday. The company’s fifty day simple moving average is $95.27 and its 200-day simple moving average is $86.29. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -25.02 and a beta of 1.31. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 period last year, the business posted ($0.59) EPS. As a group, 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.