Citigroup Inc. Purchases 112,519 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Citigroup Inc. lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 90.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 236,894 shares of the company's stock after acquiring an additional 112,519 shares during the period. Citigroup Inc. owned approximately 0.33% of Nuvalent worth $16,801,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in NUVL. CWM LLC increased its position in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after acquiring an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent during the first quarter worth $38,000. Quarry LP acquired a new position in Nuvalent during the fourth quarter worth $39,000. GF Fund Management CO. LTD. acquired a new position in Nuvalent during the fourth quarter worth $108,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Nuvalent by 10.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Robert W. Baird increased their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. Leerink Partners increased their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. HC Wainwright reiterated a "buy" rating and issued a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of "Buy" and an average price target of $119.60.

Nuvalent Trading Down 1.0%

NUVL stock traded down $0.76 during mid-day trading on Friday, hitting $76.04. The stock had a trading volume of 408,455 shares, compared to its average volume of 500,063. The firm has a fifty day simple moving average of $78.87 and a 200 day simple moving average of $75.92. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.51. The firm has a market capitalization of $5.46 billion, a P/E ratio of -15.52 and a beta of 1.30.

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

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $20,490,330.74. The trade was a 9.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,253,563.40. This trade represents a 19.23% 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 in the last ninety days. Company insiders own 10.20% of the company's stock.

Nuvalent 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.