Nuvalent, Inc. (NASDAQ:NUVL) Stake Lifted by Man Group plc

Man Group plc grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 111.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,736 shares of the company's stock after purchasing an additional 41,447 shares during the period. Man Group plc owned approximately 0.11% of Nuvalent worth $6,163,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. purchased a new position in shares of Nuvalent during the 4th quarter valued at approximately $27,000. Quarry LP acquired a new stake in Nuvalent in the fourth quarter valued at $39,000. US Bancorp DE bought a new position in Nuvalent during the 4th quarter valued at $90,000. KBC Group NV boosted its stake in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after acquiring an additional 309 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Up 0.4%

NASDAQ NUVL traded up $0.26 during trading hours on Monday, reaching $73.49. The company's stock had a trading volume of 359,038 shares, compared to its average volume of 490,425. The business has a 50-day simple moving average of $71.38 and a 200 day simple moving average of $79.04. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The stock has a market cap of $5.26 billion, a PE ratio of -21.18 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results 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 period last year, the business posted ($0.69) earnings per share. As a group, equities analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NUVL. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $115.50.

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.