Connor Clark & Lunn Investment Management Ltd. Sells 18,609 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 55.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,155 shares of the company’s stock after selling 18,609 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Nuvalent were worth $1,186,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NUVL. FMR LLC boosted its holdings in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after buying an additional 786,257 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after purchasing an additional 400,402 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in Nuvalent by 111.0% during the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock valued at $30,194,000 after purchasing an additional 155,261 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Nuvalent during the fourth quarter valued at approximately $10,487,000. Finally, Geode Capital Management LLC lifted its holdings in Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after purchasing an additional 73,429 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 17,301 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 4,016 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $319,994.88. Following the transaction, the chief financial officer now owns 61,734 shares in the company, valued at approximately $4,918,965.12. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,800 shares of company stock worth $8,605,024. Insiders own 12.52% of the company’s stock.

Nuvalent Stock Performance

Shares of NUVL opened at $77.64 on Friday. The company’s fifty day moving average is $78.53 and its 200 day moving average is $87.70. Nuvalent, Inc. has a fifty-two week low of $61.80 and a fifty-two week high of $113.51. The stock has a market capitalization of $5.56 billion, a PE ratio of -22.37 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last announced 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, research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NUVL. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Friday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $113.10.

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.