Candriam S.C.A. Sells 52,870 Shares of Nuvalent, Inc. $NUVL

Candriam S.C.A. reduced its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 14.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 301,259 shares of the company’s stock after selling 52,870 shares during the period. Candriam S.C.A.’s holdings in Nuvalent were worth $22,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Voya Investment Management LLC lifted its holdings in shares of Nuvalent by 6.6% during the first quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock worth $8,532,000 after buying an additional 7,414 shares in the last quarter. Voleon Capital Management LP acquired a new stake in Nuvalent in the 1st quarter worth about $1,489,000. Strs Ohio bought a new stake in Nuvalent in the 1st quarter valued at about $404,000. American Century Companies Inc. boosted its holdings in Nuvalent by 51.3% in the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock valued at $20,003,000 after purchasing an additional 95,661 shares during the period. Finally, New York State Common Retirement Fund grew its position in shares of Nuvalent by 23.4% during the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock worth $1,485,000 after purchasing an additional 3,965 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Down 2.4%

Shares of NUVL stock opened at $94.68 on Friday. The business has a fifty day simple moving average of $87.72 and a 200 day simple moving average of $80.62. The company has a market cap of $6.88 billion, a P/E ratio of -17.80 and a beta of 1.31. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $104.90.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the previous year, the business earned ($1.28) earnings per share. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVL has been the subject of a number of analyst reports. Raymond James Financial initiated coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price target for the company. Stifel Nicolaus assumed coverage on Nuvalent in a report on Thursday, October 16th. They set a “buy” rating and a $115.00 target price on the stock. Piper Sandler boosted their price target on Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $120.00 price objective on shares of Nuvalent in a research report on Friday, October 31st. Finally, Barclays increased their price objective on shares of Nuvalent from $100.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Thirteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.46.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction on Monday, October 13th. The stock was sold at an average price of $88.51, for a total value of $1,770,200.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,464,076.34. This represents a 24.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Deborah Ann Miller sold 21,800 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $103.16, for a total value of $2,248,888.00. Following the sale, the insider directly owned 49,086 shares in the company, valued at approximately $5,063,711.76. This trade represents a 30.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 246,071 shares of company stock worth $22,589,016 over the last 90 days. 10.20% of the stock is owned by corporate insiders.

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.