abrdn plc Sells 40,233 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

abrdn plc lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 45.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,460 shares of the company’s stock after selling 40,233 shares during the quarter. abrdn plc owned 0.07% of Nuvalent worth $4,855,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank raised its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent during the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC grew its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Nuvalent during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. BMO Capital Markets raised their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. Barclays assumed coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.40.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the sale, the director now owns 224,522 shares in the company, valued at $20,595,403.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,290,374. The trade was a 0.00 % decrease in their ownership of the stock. 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 firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total value of $183,460.00. Following the transaction, the director now owns 224,522 shares in the company, valued at approximately $20,595,403.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,115,629 shares of company stock worth $206,494,948. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Trading Up 0.8 %

Nuvalent stock opened at $89.22 on Monday. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -32.09 and a beta of 1.33. Nuvalent, Inc. has a 12 month low of $54.37 and a 12 month high of $113.51. The stock’s 50 day moving average is $95.89 and its 200-day moving average is $81.37.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the business earned ($0.51) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.52 earnings per share for the current fiscal year.

Nuvalent 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.