Legato Capital Management LLC Has $629,000 Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Legato Capital Management LLC lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 62.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,871 shares of the company's stock after purchasing an additional 3,420 shares during the quarter. Legato Capital Management LLC's holdings in Nuvalent were worth $629,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky boosted its stake in Nuvalent by 19.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 9,305 shares of the company's stock valued at $660,000 after buying an additional 1,497 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Nuvalent by 31.7% in the 1st quarter. Victory Capital Management Inc. now owns 26,527 shares of the company's stock valued at $1,881,000 after buying an additional 6,392 shares in the last quarter. Edgestream Partners L.P. boosted its stake in Nuvalent by 480.9% in the 1st quarter. Edgestream Partners L.P. now owns 68,101 shares of the company's stock valued at $4,830,000 after buying an additional 56,377 shares in the last quarter. CWM LLC boosted its stake in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in Nuvalent by 23.4% in the 1st 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. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the 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 completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $20,490,330.74. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,645 shares of company stock worth $7,007,857. 10.20% of the stock is owned by corporate insiders.

Nuvalent Price Performance

Shares of Nuvalent stock traded up $0.92 during trading hours on Monday, hitting $82.33. The company's stock had a trading volume of 94,999 shares, compared to its average volume of 546,561. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $113.51. The stock has a 50 day moving average of $78.14 and a 200 day moving average of $76.07. The company has a market capitalization of $5.91 billion, a PE ratio of -18.71 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period last year, the company posted ($0.69) earnings per share. Equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analyst Weigh In

NUVL has been the topic of several recent analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. HC Wainwright restated a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Finally, Leerink Partners upped their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent currently has an average rating of "Buy" and a consensus price target of $119.60.

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.