Nuvalent, Inc. (NASDAQ:NUVL) Shares Bought by Legato Capital Management LLC

Legato Capital Management LLC lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 62.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,871 shares of the company's stock after purchasing an additional 3,420 shares during the period. Legato Capital Management LLC's holdings in Nuvalent were worth $629,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 9,823 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Nuvalent by 3.9% during the 4th quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock worth $3,487,000 after acquiring an additional 1,685 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Nuvalent by 19.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after acquiring an additional 215,633 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Nuvalent by 43.1% during the 4th quarter. Teacher Retirement System of Texas now owns 10,609 shares of the company's stock worth $830,000 after acquiring an additional 3,197 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after buying an additional 2,572 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Trading Down 0.8%

Shares of NASDAQ:NUVL traded down $0.67 on Friday, hitting $81.41. 1,310,686 shares of the company were exchanged, compared to its average volume of 516,333. The stock's 50 day moving average price is $78.14 and its 200 day moving average price is $76.10. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The firm has a market capitalization of $5.85 billion, a P/E ratio of -18.54 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the firm earned ($0.69) EPS. On average, equities analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NUVL shares. Leerink Partners lifted their target price on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. Robert W. Baird upped their price target on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday. HC Wainwright reiterated a "buy" rating and set a $130.00 price objective (up 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 research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $119.60.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 5,500 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $79.98, for a total transaction of $439,890.00. Following the completion of the sale, the insider owned 60,956 shares of the company's stock, valued at $4,875,260.88. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $20,490,330.74. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,645 shares of company stock valued at $7,007,857 over the last 90 days. Corporate 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.