AQR Capital Management LLC Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

AQR Capital Management LLC lowered its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 39.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,364 shares of the company’s stock after selling 8,783 shares during the quarter. AQR Capital Management LLC’s holdings in Nuvalent were worth $1,014,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Affinity Asset Advisors LLC grew its stake in Nuvalent by 33.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock valued at $15,172,000 after purchasing an additional 50,000 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Nuvalent by 62.2% during the 2nd quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock valued at $5,849,000 after acquiring an additional 29,571 shares during the last quarter. Fred Alger Management LLC grew its holdings in Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after acquiring an additional 33,758 shares in the last quarter. Marshall Wace LLP increased its position in shares of Nuvalent by 1,127.1% in the 2nd quarter. Marshall Wace LLP now owns 84,081 shares of the company’s stock worth $6,378,000 after purchasing an additional 77,229 shares during the last quarter. Finally, Samlyn Capital LLC acquired a new stake in shares of Nuvalent in the 2nd quarter valued at about $17,397,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In other news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $77.22, for a total transaction of $386,100.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,571,426. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total value of $795,100.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,647,683. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.22, for a total value of $386,100.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,571,426. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,629 shares of company stock worth $9,793,908. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Up 1.1 %

Shares of Nuvalent stock opened at $103.59 on Friday. Nuvalent, Inc. has a 12 month low of $49.02 and a 12 month high of $113.51. The stock has a market cap of $6.69 billion, a PE ratio of -42.98 and a beta of 1.29. The business has a fifty day simple moving average of $89.09 and a 200-day simple moving average of $78.64.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the firm earned ($0.51) earnings per share. Analysts expect that Nuvalent, Inc. will post -3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on NUVL shares. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. BMO Capital Markets increased their price target on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.78.

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.