Harbor Capital Advisors Inc. Sells 994 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Harbor Capital Advisors Inc. cut its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 4.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 20,522 shares of the company’s stock after selling 994 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Nuvalent were worth $1,606,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Amalgamated Bank increased its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. HighVista Strategies LLC increased its position in shares of Nuvalent by 1.1% in the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after acquiring an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. Quest Partners LLC bought a new position in Nuvalent in the second quarter valued at approximately $44,000. Finally, Arizona State Retirement System increased its position in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after purchasing an additional 1,127 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NUVL opened at $76.61 on Monday. The business has a fifty day simple moving average of $88.18 and a 200 day simple moving average of $87.36. 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 $5.44 billion, a PE ratio of -22.08 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the company earned ($0.59) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several recent analyst reports. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Guggenheim boosted their price objective 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. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. boosted their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.36.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the sale, the director now owns 224,522 shares of the company’s stock, valued at $20,595,403.06. This represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Henry E. Pelish sold 2,483 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares in the company, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,093,800 shares of company stock worth $203,931,774 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

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.