Nuvalent, Inc. (NASDAQ:NUVL) Stock Position Lifted by Fred Alger Management LLC

Fred Alger Management LLC lifted its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 8.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 627,742 shares of the company’s stock after purchasing an additional 49,612 shares during the quarter. Fred Alger Management LLC’s holdings in Nuvalent were worth $64,218,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter worth $44,000. Amalgamated Bank boosted its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares in the last quarter. Creative Planning bought a new position in Nuvalent during the third quarter valued at about $232,000. Finally, Public Employees Retirement Association of Colorado bought a new position in Nuvalent during the second quarter valued at about $218,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $96.76 on Friday. The stock has a 50-day moving average price of $97.19 and a 200 day moving average price of $84.53. Nuvalent, Inc. has a 1 year low of $61.01 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm earned ($0.59) earnings per share. On average, equities analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NUVL shares. UBS Group started coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets upped their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Insider Transactions at Nuvalent

In other news, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This trade represents a 18.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now directly owns 226,522 shares of the company’s stock, valued at $23,275,135.50. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,098,795 shares of company stock valued at $205,184,931 in the last three months. Corporate insiders own 12.52% of the company’s stock.

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.