1,150 Shares in Nuvalent, Inc. $NUVL Acquired by Persistent Asset Partners Ltd

Persistent Asset Partners Ltd bought a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the second quarter, Holdings Channel.com reports. The fund bought 1,150 shares of the company’s stock, valued at approximately $88,000.

Other large investors have also recently made changes to their positions in the company. Voya Investment Management LLC raised its stake in shares of Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock valued at $8,532,000 after purchasing an additional 7,414 shares during the period. Voleon Capital Management LP purchased a new position in Nuvalent during the 1st quarter valued at about $1,489,000. Strs Ohio purchased a new position in Nuvalent during the 1st quarter valued at about $404,000. New York State Common Retirement Fund increased its position in shares of Nuvalent by 23.4% during the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock valued at $1,485,000 after buying an additional 3,965 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Nuvalent by 51.3% in the first quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock worth $20,003,000 after buying an additional 95,661 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Nuvalent Trading Up 1.9%

Shares of Nuvalent stock opened at $96.50 on Friday. The firm has a market capitalization of $7.02 billion, a PE ratio of -18.14 and a beta of 1.31. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $104.90. The business’s 50-day moving average price is $88.03 and its 200-day moving average price is $80.81.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the prior year, the company posted ($1.28) earnings per share. As a group, analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Canaccord Genuity Group assumed coverage on shares of Nuvalent in a report on Wednesday. They set a “buy” rating and a $126.00 target price on the stock. Piper Sandler upped their price target on shares of Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, September 8th. Raymond James Financial started coverage on Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price for the company. Finally, UBS Group raised their price target on Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a report on Friday, October 31st. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.46.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $90.63, for a total value of $2,447,010.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $22,572,489.06. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Deborah Ann Miller sold 21,800 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $103.16, for a total value of $2,248,888.00. Following the completion of the sale, the insider directly owned 49,086 shares of the company’s stock, valued at approximately $5,063,711.76. This trade represents a 30.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 246,071 shares of company stock worth $22,589,016 over the last 90 days. Company insiders own 10.20% of the company’s stock.

Nuvalent Company 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.