Barclays PLC Purchases 40,754 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Barclays PLC increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 149.0% in the third quarter, HoldingsChannel reports. The firm owned 68,107 shares of the company’s stock after buying an additional 40,754 shares during the period. Barclays PLC’s holdings in Nuvalent were worth $6,968,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of NUVL. Y Intercept Hong Kong Ltd acquired a new stake in shares of Nuvalent in the third quarter valued at approximately $1,255,000. Wellington Management Group LLP lifted its holdings in Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after purchasing an additional 400,402 shares during the last quarter. RA Capital Management L.P. boosted its position in Nuvalent by 47.2% during the third quarter. RA Capital Management L.P. now owns 176,281 shares of the company’s stock worth $18,034,000 after purchasing an additional 56,492 shares during the period. Readystate Asset Management LP acquired a new position in shares of Nuvalent in the third quarter valued at $512,000. Finally, Polar Asset Management Partners Inc. bought a new position in shares of Nuvalent in the third quarter valued at about $7,036,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling

In related news, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $101.74, for a total transaction of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $3,387,942. This represents a 13.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now owns 226,522 shares in the company, valued at $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,085,000 shares of company stock worth $203,592,630 in the last ninety days. 12.52% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NUVL has been the subject of several research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. 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 report on Friday, October 4th. Stifel Nicolaus lifted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. 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 issued a strong buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Trading Down 5.3 %

Shares of NASDAQ:NUVL opened at $83.45 on Thursday. The stock has a market capitalization of $5.93 billion, a PE ratio of -24.05 and a beta of 1.31. The firm has a 50 day moving average of $93.95 and a 200-day moving average of $86.98. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51.

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

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.