Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Eagle Asset Management Inc.

Eagle Asset Management Inc. reduced its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 16.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 130,770 shares of the company’s stock after selling 25,179 shares during the quarter. Eagle Asset Management Inc.’s holdings in Nuvalent were worth $12,478,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Quest Partners LLC purchased a new stake in shares of Nuvalent during the second quarter worth about $44,000. Amalgamated Bank boosted its stake in Nuvalent by 21.8% in the 2nd 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. SG Americas Securities LLC acquired a new position in Nuvalent during the 1st quarter valued at approximately $121,000. Mount Yale Investment Advisors LLC acquired a new position in Nuvalent during the 1st quarter valued at approximately $202,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,804,859. This trade represents a 23.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the sale, the director now directly owns 228,522 shares of the company’s stock, valued at $19,300,968.12. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,108,795 shares of company stock valued at $206,003,711. Company insiders own 12.52% of the company’s stock.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $94.93 on Friday. The company has a market capitalization of $6.74 billion, a PE ratio of -27.36 and a beta of 1.33. The company’s fifty day moving average price is $97.80 and its 200 day moving average price is $83.92. Nuvalent, Inc. has a 1 year low of $61.01 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the business posted ($0.59) earnings per share. On average, equities analysts expect that Nuvalent, Inc. will post -3.8 EPS for the current year.

Analyst Ratings Changes

NUVL has been the topic of several research reports. Stifel Nicolaus upped their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. UBS Group initiated coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

About Nuvalent

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.