Nuvalent, Inc. $NUVL Holdings Raised by Affinity Asset Advisors LLC

Key Points

• Affinity Asset Advisors LLC increased its stake in Nuvalent, Inc. by 61.4%, owning 460,000 shares after purchasing an additional 175,000 shares in the first quarter.
• Multiple analysts have issued strong ratings for Nuvalent, with a consensus target price of $118.91, including an upgrade from Goldman Sachs to a "strong-buy" rating.
• Nuvalent reported earnings of ($1.31) per share for the last quarter, missing analyst expectations, and the stock is currently trading around $74.05 with a market cap of $5.34 billion.

Affinity Asset Advisors LLC increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 61.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 460,000 shares of the company's stock after purchasing an additional 175,000 shares during the quarter. Nuvalent accounts for approximately 3.1% of Affinity Asset Advisors LLC's investment portfolio, making the stock its 6th largest holding. Affinity Asset Advisors LLC owned 0.64% of Nuvalent worth $32,623,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. AlphaQuest LLC increased its position in shares of Nuvalent by 2,462.6% during the first quarter. AlphaQuest LLC now owns 2,742 shares of the company's stock worth $194,000 after purchasing an additional 2,635 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Nuvalent by 11.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock worth $102,878,000 after acquiring an additional 152,692 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Nuvalent during the 1st quarter worth about $31,969,000. Hsbc Holdings PLC increased its holdings in Nuvalent by 63.7% during the 1st quarter. Hsbc Holdings PLC now owns 8,318 shares of the company's stock worth $570,000 after purchasing an additional 3,238 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Nuvalent by 12.3% during the 1st quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after purchasing an additional 157,809 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners boosted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. HC Wainwright reissued a "buy" rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Robert W. Baird lifted their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to data from MarketBeat, Nuvalent currently has an average rating of "Buy" and a consensus target price of $118.91.

Nuvalent Trading Down 2.7%

NUVL opened at $74.05 on Tuesday. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of -15.11 and a beta of 1.30. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The stock has a fifty day moving average price of $78.51 and a 200 day moving average price of $75.34.

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

Insider Buying and Selling at Nuvalent

In related news, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value 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. The trade was a 19.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $74.85, for a total transaction of $411,675.00. Following the sale, the insider owned 60,956 shares of the company's stock, valued at $4,562,556.60. The trade was a 8.28% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,145 shares of company stock valued at $9,455,872. 10.20% of the stock is currently owned by corporate insiders.

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.

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