Great Lakes Advisors LLC Invests $4.37 Million in Nuvalent, Inc. (NASDAQ:NUVL)

Great Lakes Advisors LLC acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 103,712 shares of the company’s stock, valued at approximately $4,374,000.

Several other large investors have also recently added to or reduced their stakes in NUVL. Meitav Investment House Ltd. acquired a new position in shares of Nuvalent in the second quarter worth $415,000. Charles Schwab Investment Management Inc. grew its stake in Nuvalent by 16.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 66,690 shares of the company’s stock worth $2,812,000 after purchasing an additional 9,575 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Nuvalent during the 2nd quarter worth about $4,828,000. Rhumbline Advisers raised its position in Nuvalent by 1.4% in the 2nd quarter. Rhumbline Advisers now owns 32,771 shares of the company’s stock valued at $1,382,000 after purchasing an additional 456 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Nuvalent by 7.8% in the 2nd quarter. Principal Financial Group Inc. now owns 9,627 shares of the company’s stock valued at $406,000 after buying an additional 693 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NUVL has been the topic of a number of recent research reports. Leerink Partnrs restated a “market perform” rating on shares of Nuvalent in a research note on Tuesday, August 8th. Guggenheim initiated coverage on shares of Nuvalent in a report on Monday, July 24th. They issued a “buy” rating and a $56.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, October 5th. Wedbush restated an “outperform” rating and issued a $74.00 price target on shares of Nuvalent in a research note on Tuesday, November 14th. Finally, SVB Leerink began coverage on Nuvalent in a report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 price target for the company. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.86.

Nuvalent Price Performance

NASDAQ NUVL opened at $60.34 on Tuesday. The company has a fifty day moving average of $52.75 and a two-hundred day moving average of $46.46. The company has a market capitalization of $3.44 billion, a PE ratio of -29.72 and a beta of 1.32. Nuvalent, Inc. has a 1 year low of $23.09 and a 1 year high of $65.50.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 14th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.01). On average, research analysts expect that Nuvalent, Inc. will post -2.16 earnings per share for the current year.

Insider Activity

In other Nuvalent news, insider Darlene Noci sold 3,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $45.88, for a total transaction of $137,640.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Matthew Shair sold 91,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $50.70, for a total value of $4,649,190.00. Following the transaction, the director now owns 1,852,998 shares of the company’s stock, valued at $93,946,998.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Darlene Noci sold 3,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $45.88, for a total value of $137,640.00. The disclosure for this sale can be found here. Insiders have sold 110,695 shares of company stock valued at $5,611,820 in the last ninety days. 14.77% of the stock is currently owned by company insiders.

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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase ½ 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 ongoing IND-enabling studies.