Rhumbline Advisers Purchases 7,420 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Rhumbline Advisers lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 18.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,611 shares of the company’s stock after purchasing an additional 7,420 shares during the period. Rhumbline Advisers owned 0.07% of Nuvalent worth $3,536,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Nuvalent during the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC increased its position in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in shares of Nuvalent during the first quarter valued at about $202,000. Amalgamated Bank raised its stake in Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after buying an additional 285 shares in the last quarter. Finally, Harvest Investment Services LLC purchased a new stake in Nuvalent in the fourth quarter worth about $331,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,936,394. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,936,394. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Darlene Noci sold 5,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,811,519. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,834 shares of company stock valued at $6,818,117. Company insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Guggenheim upped their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. raised their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. Finally, Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $111.00.

Nuvalent Stock Performance

NUVL stock opened at $104.75 on Wednesday. The firm has a market cap of $6.76 billion, a PE ratio of -43.46 and a beta of 1.28. The firm has a fifty day moving average price of $80.68 and a 200 day moving average price of $75.97. Nuvalent, Inc. has a fifty-two week low of $39.86 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the firm earned ($0.51) EPS. On average, equities analysts predict that Nuvalent, Inc. will post -3.55 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.