Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Squarepoint Ops LLC

Squarepoint Ops LLC lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 62.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,099 shares of the company’s stock after buying an additional 29,571 shares during the period. Squarepoint Ops LLC owned approximately 0.12% of Nuvalent worth $5,849,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Quest Partners LLC bought a new stake in Nuvalent during the second quarter worth approximately $44,000. Amalgamated Bank raised its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC bought a new stake in Nuvalent during the first quarter worth approximately $121,000. Allspring Global Investments Holdings LLC raised its holdings in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in Nuvalent during the first quarter worth approximately $202,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUVL has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Trading Down 1.9 %

Shares of NASDAQ:NUVL opened at $99.10 on Monday. The stock has a market capitalization of $6.40 billion, a PE ratio of -41.12 and a beta of 1.28. Nuvalent, Inc. has a 1 year low of $41.16 and a 1 year high of $113.51. The firm has a fifty day moving average price of $84.32 and a 200 day moving average price of $76.96.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the previous year, the company posted ($0.51) EPS. On average, sell-side analysts forecast that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $79.59, for a total transaction of $159,180.00. Following the completion of the sale, the director now directly owns 230,522 shares in the company, valued at $18,347,245.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $79.59, for a total transaction of $159,180.00. Following the completion of the sale, the director now directly owns 230,522 shares in the company, valued at $18,347,245.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at $3,294,036. The disclosure for this sale can be found here. Insiders sold 102,629 shares of company stock worth $8,975,258 over the last ninety days. Company insiders own 12.52% of the company’s stock.

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.