Nuvalent, Inc. (NASDAQ:NUVL) is First Turn Management LLC’s Largest Position

First Turn Management LLC increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 42.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 359,114 shares of the company’s stock after acquiring an additional 106,838 shares during the quarter. Nuvalent comprises approximately 5.8% of First Turn Management LLC’s portfolio, making the stock its biggest position. First Turn Management LLC’s holdings in Nuvalent were worth $36,737,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in shares of Nuvalent in the 2nd quarter worth about $44,000. Amalgamated Bank raised its position in shares of 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 during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nuvalent in the 1st quarter worth about $121,000. Mount Yale Investment Advisors LLC purchased a new position in shares of Nuvalent in the 1st quarter worth about $202,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position 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 worth $213,000 after purchasing an additional 382 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL stock opened at $87.69 on Tuesday. The firm’s fifty day moving average is $97.25 and its 200 day moving average is $83.37. Nuvalent, Inc. has a one year low of $58.80 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the business posted ($0.59) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on NUVL. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. UBS Group began coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Finally, Guggenheim lifted their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Insider Activity 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 Nuvalent stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares in the company, valued at approximately $19,300,968.12. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is owned by company insiders.

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.