Citigroup Inc. Has $16.80 Million Stock Holdings in Nuvalent, Inc. $NUVL

Citigroup Inc. raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 90.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 236,894 shares of the company's stock after buying an additional 112,519 shares during the quarter. Citigroup Inc. owned 0.33% of Nuvalent worth $16,801,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Nuvalent by 5,549.7% during the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after buying an additional 9,823 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Nuvalent by 23.4% during the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after buying an additional 3,965 shares in the last quarter. First Trust Advisors LP lifted its stake in Nuvalent by 3.9% during the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock valued at $3,487,000 after buying an additional 1,685 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after buying an additional 215,633 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Nuvalent by 5.1% in the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after purchasing an additional 2,572 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $80.02, for a total value of $1,600,400.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at approximately $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the completion of the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $20,490,330.74. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 91,145 shares of company stock worth $7,419,532 over the last 90 days. Insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NUVL shares. HC Wainwright reissued a "buy" rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. Robert W. Baird increased their price target on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, Leerink Partners increased their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Nuvalent presently has an average rating of "Buy" and a consensus target price of $119.60.

Nuvalent Stock Down 1.5%

NUVL stock traded down $1.11 during midday trading on Monday, hitting $74.93. 123,579 shares of the company traded hands, compared to its average volume of 540,972. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $113.51. The business has a 50 day simple moving average of $78.87 and a 200-day simple moving average of $75.84. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -15.36 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the prior year, the business posted ($0.88) earnings per share. Equities research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current 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.