Connor Clark & Lunn Investment Management Ltd. Has $3.45 Million Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 24.0% in the third quarter, HoldingsChannel reports. The firm owned 33,764 shares of the company’s stock after selling 10,650 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Nuvalent were worth $3,454,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NUVL. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth about $44,000. Amalgamated Bank lifted its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Nuvalent in the 1st quarter worth about $121,000. Mount Yale Investment Advisors LLC purchased a new stake in Nuvalent in the 1st quarter worth about $202,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $94.93 on Monday. The company’s 50 day simple moving average is $97.80 and its 200 day simple moving average is $84.03. Nuvalent, Inc. has a fifty-two week low of $61.01 and a fifty-two week high of $113.51. The firm has a market capitalization of $6.75 billion, a P/E ratio of -27.36 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the company posted ($0.59) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of recent research reports. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. 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. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. Finally, Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the transaction, the director now owns 224,522 shares in the company, valued at $20,595,403.06. This represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,106,795 shares of company stock worth $205,834,791. 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.