ArrowMark Colorado Holdings LLC Has $30.19 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

ArrowMark Colorado Holdings LLC increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 111.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 295,152 shares of the company’s stock after buying an additional 155,261 shares during the period. ArrowMark Colorado Holdings LLC owned 0.46% of Nuvalent worth $30,194,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC grew its stake in shares of Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares during the last quarter. Driehaus Capital Management LLC boosted its position in Nuvalent by 3.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. Fred Alger Management LLC increased its stake in shares of Nuvalent by 8.6% in the 3rd quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock valued at $64,218,000 after buying an additional 49,612 shares during the period. First Turn Management LLC raised its position in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after acquiring an additional 106,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the period. Institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NUVL. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, UBS Group started coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Insider Transactions at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $2,970,027. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,098,795 shares of company stock valued at $205,184,931 over the last 90 days. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Down 0.1 %

Shares of NASDAQ:NUVL opened at $96.68 on Monday. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51. The company’s fifty day simple moving average is $96.83 and its 200 day simple moving average is $84.95.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the business earned ($0.59) earnings per share. Research analysts expect that Nuvalent, Inc. will post -3.84 earnings per share 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.