Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Perceptive Advisors LLC

Perceptive Advisors LLC decreased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 8.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,549,077 shares of the company’s stock after selling 234,377 shares during the quarter. Nuvalent makes up approximately 4.6% of Perceptive Advisors LLC’s investment portfolio, making the stock its 5th biggest position. Perceptive Advisors LLC’s holdings in Nuvalent were worth $193,373,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Nuvalent by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after acquiring an additional 18,263 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Nuvalent by 1.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares during the period. TD Asset Management Inc increased its holdings in Nuvalent by 19.7% during the 4th quarter. TD Asset Management Inc now owns 54,478 shares of the company’s stock worth $4,009,000 after purchasing an additional 8,954 shares in the last quarter. Rhenman & Partners Asset Management AB raised its stake in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares during the period. Finally, Rafferty Asset Management LLC lifted its stake in Nuvalent by 32.7% in the 4th quarter. Rafferty Asset Management LLC now owns 127,046 shares of the company’s stock valued at $9,349,000 after acquiring an additional 31,331 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NUVL. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Wedbush raised their price target on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. BMO Capital Markets upped their price target on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Barclays started coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.00.

Nuvalent Stock Down 1.9 %

Shares of NUVL stock opened at $99.10 on Monday. Nuvalent, Inc. has a 12-month low of $41.16 and a 12-month high of $113.51. The company has a market capitalization of $6.40 billion, a PE ratio of -41.12 and a beta of 1.28. The firm has a 50 day moving average price of $84.32 and a two-hundred day moving average price of $76.96.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results 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 quarter last year, the business posted ($0.51) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.55 EPS for the current year.

Insiders Place Their Bets

In related news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at $2,290,374. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,290,374. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the completion of the sale, the director now directly owns 230,522 shares in the company, valued at approximately $18,347,245.98. The disclosure for this sale can be found here. Insiders have sold a total of 102,629 shares of company stock worth $8,975,258 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

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.