Vanguard Group Inc. Has $98.11 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Vanguard Group Inc. increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,134,182 shares of the company's stock after acquiring an additional 15,722 shares during the quarter. Vanguard Group Inc. owned about 3.41% of Nuvalent worth $98,108,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of NUVL. Hudson Bay Capital Management LP increased its stake in shares of Nuvalent by 43.2% during the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company's stock valued at $1,975,000 after purchasing an additional 12,955 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Nuvalent by 31.8% during the third quarter. Citigroup Inc. now owns 40,842 shares of the company's stock valued at $1,878,000 after purchasing an additional 9,848 shares in the last quarter. Deutsche Bank AG increased its holdings in Nuvalent by 19.0% in the 3rd quarter. Deutsche Bank AG now owns 14,063 shares of the company's stock worth $646,000 after buying an additional 2,249 shares in the last quarter. Walleye Trading LLC purchased a new position in Nuvalent in the 3rd quarter worth about $320,000. Finally, Walleye Capital LLC bought a new position in Nuvalent during the 3rd quarter valued at about $1,562,000. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

NUVL stock traded down $1.70 during midday trading on Friday, reaching $70.20. 892,174 shares of the company traded hands, compared to its average volume of 393,668. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -33.31 and a beta of 1.29. Nuvalent, Inc. has a 52-week low of $23.09 and a 52-week high of $89.39. The business has a 50 day moving average of $80.86 and a 200-day moving average of $69.00.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Research analysts anticipate that Nuvalent, Inc. will post -2.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

NUVL has been the topic of several research analyst reports. Wedbush reissued an "outperform" rating and set a $99.00 price target on shares of Nuvalent in a report on Tuesday, February 27th. JPMorgan Chase & Co. raised their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. SVB Leerink raised shares of Nuvalent from a "market perform" rating to an "outperform" rating and upped their target price for the company from $69.00 to $110.00 in a report on Monday. Robert W. Baird began coverage on shares of Nuvalent in a research report on Friday, February 23rd. They issued an "outperform" rating and a $105.00 price target on the stock. Finally, Guggenheim initiated coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They set a "buy" rating and a $99.00 price objective for the company. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $90.00.

Insider Transactions at Nuvalent

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $73.60, for a total value of $220,800.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at $2,450,880. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $73.60, for a total value of $220,800.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,450,880. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the business's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $76.92, for a total value of $2,884,500.00. Following the sale, the director now owns 1,649,698 shares of the company's stock, valued at approximately $126,894,770.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,000,000 shares of company stock worth $73,226,375. Insiders own 14.77% of the company's stock.

About Nuvalent

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.