HighVista Strategies LLC Buys 320 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

HighVista Strategies LLC lifted its position in Nuvalent, Inc. (NASDAQ:NUVL) by 1.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 29,018 shares of the company’s stock after purchasing an additional 320 shares during the period. HighVista Strategies LLC’s holdings in Nuvalent were worth $2,969,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NUVL. Quest Partners LLC purchased a new stake in shares of Nuvalent during the second quarter worth about $44,000. Amalgamated Bank lifted its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the period. Portland Investment Counsel Inc. purchased a new stake in Nuvalent in the 3rd quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. grew 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 buying an additional 382 shares during the last quarter. Finally, Creative Planning purchased a new position in shares of Nuvalent during the third quarter valued at approximately $232,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Down 2.5 %

NASDAQ:NUVL opened at $94.27 on Tuesday. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The stock’s 50 day simple moving average is $96.83 and its two-hundred day simple moving average is $85.04.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. Analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on NUVL. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus 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 on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,970,027. This trade represents a 23.09 % 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 this link. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $88.18, for a total transaction of $264,540.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,936,394. This represents a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,093,795 shares of company stock worth $204,762,781. Insiders own 12.52% 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.