Parkman Healthcare Partners LLC Has $2.39 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Parkman Healthcare Partners LLC reduced its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 45.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,400 shares of the company’s stock after selling 19,488 shares during the period. Parkman Healthcare Partners LLC’s holdings in Nuvalent were worth $2,394,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its stake in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after acquiring an additional 23,730 shares during the last quarter. Fred Alger Management LLC increased its position in Nuvalent by 8.6% during the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after acquiring an additional 49,612 shares during the period. First Turn Management LLC raised its stake in Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Up 0.5 %

NASDAQ:NUVL opened at $94.75 on Wednesday. The stock has a market capitalization of $6.73 billion, a P/E ratio of -27.31 and a beta of 1.31. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The firm has a 50 day moving average of $96.67 and a 200-day moving average of $85.19.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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 prior year, the business earned ($0.59) earnings per share. As a group, analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $19,240,197.64. The trade was a 12.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now directly owns 8,670,512 shares in the company, valued at $847,542,548. This trade represents a 18.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. BMO Capital Markets raised their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, UBS Group started coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $112.60.

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.