2,000 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Portland Investment Counsel Inc.

Portland Investment Counsel Inc. acquired a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,000 shares of the company’s stock, valued at approximately $205,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NUVL. Edgestream Partners L.P. bought a new position in shares of Nuvalent during the 2nd quarter valued at approximately $1,191,000. First Turn Management LLC boosted its stake in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after buying an additional 106,838 shares during the period. Dimensional Fund Advisors LP increased its position in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the last quarter. Samlyn Capital LLC bought a new position in Nuvalent during the second quarter valued at $17,397,000. Finally, Fred Alger Management LLC raised its stake in shares of Nuvalent by 6.2% in the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after acquiring an additional 33,758 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $3,365,298. The trade was a 23.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,098,795 shares of company stock valued at $205,184,931. Company insiders own 12.52% of the company’s stock.

Nuvalent Trading Down 0.1 %

NUVL opened at $96.68 on Friday. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The business’s fifty day simple moving average is $97.06 and its 200-day simple moving average is $84.62.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the firm earned ($0.59) EPS. On average, equities research analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on NUVL shares. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim increased their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has assigned 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.

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.