SG Americas Securities LLC Buys 4,029 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

SG Americas Securities LLC lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 120.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,385 shares of the company’s stock after buying an additional 4,029 shares during the quarter. SG Americas Securities LLC’s holdings in Nuvalent were worth $755,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in NUVL. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter worth about $44,000. Amalgamated Bank grew its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. Allspring Global Investments Holdings LLC grew 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 worth $168,000 after purchasing an additional 189 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Nuvalent during the first quarter worth about $202,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Nuvalent during the second quarter worth about $218,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $103.59 on Friday. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of -42.98 and a beta of 1.29. The stock has a 50 day moving average price of $89.09 and a 200-day moving average price of $78.66. Nuvalent, Inc. has a one year low of $49.02 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the previous year, the company earned ($0.51) earnings per share. Sell-side analysts predict that Nuvalent, Inc. will post -3.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Stifel Nicolaus increased their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, BMO Capital Markets raised their price target on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $113.78.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,647,683. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $79.59, for a total transaction of $159,180.00. Following the transaction, the director now directly owns 230,522 shares in the company, valued at $18,347,245.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total value of $795,100.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,647,683. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 108,629 shares of company stock valued at $9,793,908. 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.