Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC decreased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 297,588 shares of the company's stock after selling 10,774 shares during the period. Lord Abbett & CO. LLC owned approximately 0.42% of Nuvalent worth $23,295,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NUVL. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the fourth quarter worth $27,000. US Bancorp DE purchased a new position in Nuvalent in the fourth quarter valued at about $90,000. KBC Group NV lifted its holdings in shares of 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 purchasing an additional 602 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after buying an additional 309 shares during the last quarter. Finally, Diametric Capital LP acquired a new stake in shares of Nuvalent during the fourth quarter worth about $212,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Price Performance

Shares of NUVL traded up $1.41 during mid-day trading on Friday, hitting $77.64. The stock had a trading volume of 311,030 shares, compared to its average volume of 475,597. The business has a fifty day moving average price of $71.73 and a 200-day moving average price of $81.79. The firm has a market cap of $5.56 billion, a P/E ratio of -22.37 and a beta of 1.43. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock worth $6,185,150 over the last quarter. Company insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on NUVL. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and a consensus 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.