SG Americas Securities LLC Acquires 3,408 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

SG Americas Securities LLC lifted its position in Nuvalent, Inc. (NASDAQ:NUVL) by 46.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 10,793 shares of the company’s stock after acquiring an additional 3,408 shares during the quarter. SG Americas Securities LLC’s holdings in Nuvalent were worth $845,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Amalgamated Bank boosted its holdings in shares of 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 last quarter. Portland Investment Counsel Inc. purchased a new position in shares of Nuvalent in the 3rd quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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. Creative Planning purchased a new position in shares of Nuvalent in the 3rd quarter worth about $232,000. Finally, Algert Global LLC purchased a new position in shares of Nuvalent in the 2nd quarter worth about $224,000. Institutional investors own 97.26% of the company’s stock.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, November 25th. The shares were sold at an average price of $96.22, for a total value of $192,440.00. Following the transaction, the director now directly owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. The trade was a 0.89 % 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 the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,926,221.38. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 83,800 shares of company stock worth $6,812,164 in the last three months. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

NUVL stock opened at $85.52 on Thursday. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of -24.65 and a beta of 1.38. The business has a 50 day simple moving average of $84.99 and a two-hundred day simple moving average of $87.68.

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 quarter in the previous year, the company earned ($0.59) earnings per share. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BMO Capital Markets upped their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. UBS Group assumed coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

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.