Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Amalgamated Bank

Amalgamated Bank grew its stake in Nuvalent, Inc. (NASDAQ:NUVLFree Report) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,815 shares of the company’s stock after buying an additional 285 shares during the period. Amalgamated Bank’s holdings in Nuvalent were worth $281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in NUVL. Hudson Bay Capital Management LP raised its stake in Nuvalent by 43.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock worth $1,975,000 after acquiring an additional 12,955 shares during the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of Nuvalent by 18.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after acquiring an additional 15,197 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Nuvalent by 49.8% in the third quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after acquiring an additional 6,714 shares during the period. Invesco Ltd. raised its holdings in shares of Nuvalent by 51.2% during the third quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after purchasing an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Nuvalent by 196.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after purchasing an additional 131,296 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 1.7 %

NUVL stock opened at $69.73 on Wednesday. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of -28.93 and a beta of 1.35. The business’s 50-day moving average is $71.25 and its 200 day moving average is $73.00. Nuvalent, Inc. has a 12-month low of $38.14 and a 12-month high of $89.39.

Nuvalent (NASDAQ:NUVLGet Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). As a group, equities analysts forecast that Nuvalent, Inc. will post -3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NUVL. Robert W. Baird initiated coverage on Nuvalent in a research note on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. Guggenheim assumed coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Finally, Wedbush reiterated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

View Our Latest Stock Report on Nuvalent

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $65.84, for a total transaction of $2,469,000.00. Following the completion of the sale, the director now owns 1,424,698 shares of the company’s stock, valued at approximately $93,802,116.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $73.60, for a total transaction of $220,800.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,450,880. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $65.84, for a total transaction of $2,469,000.00. Following the sale, the director now owns 1,424,698 shares of the company’s stock, valued at $93,802,116.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,192,500 shares of company stock valued at $86,063,980. Corporate insiders own 14.77% of the company’s stock.

About Nuvalent

(Free Report)

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.

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Institutional Ownership by Quarter for Nuvalent (NASDAQ:NUVL)

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