HighVista Strategies LLC Acquires 320 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

HighVista Strategies LLC lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 1.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,018 shares of the company’s stock after acquiring an additional 320 shares during the quarter. HighVista Strategies LLC’s holdings in Nuvalent were worth $2,969,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Renaissance Capital LLC increased its position in shares of Nuvalent by 64.4% during the 2nd quarter. Renaissance Capital LLC now owns 28,481 shares of the company’s stock valued at $2,161,000 after purchasing an additional 11,154 shares during the last quarter. SG Americas Securities LLC grew its position in Nuvalent by 108.3% during the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock valued at $255,000 after buying an additional 1,745 shares during the period. Bank of New York Mellon Corp increased its holdings in Nuvalent by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock worth $10,460,000 after buying an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after acquiring an additional 1,686 shares during the period. Finally, Rhumbline Advisers boosted its stake in Nuvalent by 18.9% in the second quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after acquiring an additional 7,420 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

Insider Transactions at Nuvalent

In related news, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,936,394. This trade represents a 8.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $96.22, for a total value of $192,440.00. Following the completion of the sale, the director now owns 222,522 shares of the company’s stock, valued at $21,411,066.84. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,093,795 shares of company stock valued at $204,762,781 in the last quarter. Insiders own 12.52% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of several research analyst reports. Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. JPMorgan Chase & Co. raised their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim increased their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $94.27 on Tuesday. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The firm has a fifty day moving average price of $96.83 and a two-hundred day moving average price of $85.04.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the company posted ($0.59) earnings per share. Sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

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.