Fred Alger Management LLC Boosts Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Fred Alger Management LLC raised its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 627,742 shares of the company’s stock after buying an additional 49,612 shares during the quarter. Fred Alger Management LLC owned approximately 0.97% of Nuvalent worth $64,218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Amalgamated Bank grew its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the period. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter valued at about $44,000. Arizona State Retirement System grew its holdings in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after buying an additional 1,127 shares during the period. Finally, MetLife Investment Management LLC grew its holdings in shares of Nuvalent by 6.7% during the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock worth $2,019,000 after purchasing an additional 1,231 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. UBS Group initiated coverage on Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. Finally, Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent Stock Performance

NASDAQ NUVL opened at $96.76 on Friday. Nuvalent, Inc. has a fifty-two week low of $61.01 and a fifty-two week high of $113.51. The business has a 50 day moving average price of $97.19 and a two-hundred day moving average price of $84.53.

Nuvalent (NASDAQ:NUVL) last announced its 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 prior year, the business earned ($0.59) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. This represents a 0.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $101.06, for a total value of $1,010,600.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $3,365,298. The trade was a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,098,795 shares of company stock valued at $205,184,931. Corporate insiders own 12.52% of the company’s stock.

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.