Rhumbline Advisers Purchases 1,896 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Rhumbline Advisers grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 3.9% in the 4th quarter, HoldingsChannel reports. The firm owned 50,454 shares of the company’s stock after acquiring an additional 1,896 shares during the quarter. Rhumbline Advisers’ holdings in Nuvalent were worth $3,950,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. HighVista Strategies LLC lifted its stake in shares of Nuvalent by 1.1% in the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after acquiring an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the last quarter. KBC Group NV lifted its stake in shares of Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Nuvalent by 6.7% in the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock valued at $2,019,000 after acquiring an additional 1,231 shares during the last quarter. Finally, M&T Bank Corp lifted its stake in shares of Nuvalent by 21.0% in the 3rd quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock valued at $745,000 after acquiring an additional 1,263 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on NUVL shares. BMO Capital Markets upped their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the transaction, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock valued at $8,895,004 over the last 90 days. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $74.98 on Friday. The company has a market cap of $5.33 billion, a P/E ratio of -21.61 and a beta of 1.38. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The firm has a 50-day simple moving average of $80.38 and a two-hundred day simple moving average of $88.27.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.