Barclays PLC Has $6.97 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Barclays PLC boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 149.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,107 shares of the company’s stock after buying an additional 40,754 shares during the period. Barclays PLC owned approximately 0.11% of Nuvalent worth $6,968,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NUVL. Edgestream Partners L.P. bought a new stake in shares of Nuvalent during the 2nd quarter valued at $1,191,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Nuvalent during the third quarter worth $1,255,000. Citigroup Inc. increased its holdings in Nuvalent by 14.9% in the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after purchasing an additional 12,256 shares during the last quarter. First Turn Management LLC lifted its stake in Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Insider Transactions at Nuvalent

In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,387,942. This represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,085,000 shares of company stock valued at $203,592,630 in the last ninety days. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Trading Down 5.3 %

NUVL stock opened at $83.45 on Thursday. The stock has a 50-day moving average price of $93.95 and a two-hundred day moving average price of $86.98. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The stock has a market cap of $5.93 billion, a PE ratio of -24.05 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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 period last year, the company posted ($0.59) earnings per share. On average, analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on NUVL. JPMorgan Chase & Co. upped their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Finally, Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. One investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

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.