Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 55.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,155 shares of the company’s stock after selling 18,609 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Nuvalent were worth $1,186,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. US Bancorp DE purchased a new stake in shares of Nuvalent in the 4th quarter valued at $90,000. KBC Group NV boosted its stake in shares of Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares in the last quarter. Portland Investment Counsel Inc. purchased a new stake in Nuvalent during the 3rd quarter valued at $205,000. FORA Capital LLC purchased a new stake in Nuvalent during the 3rd quarter valued at $328,000. Finally, E Fund Management Co. Ltd. boosted its position in Nuvalent by 53.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 4,213 shares of the company’s stock valued at $330,000 after buying an additional 1,460 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,926,221.38. This trade represents a 9.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 2,483 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the sale, the insider now owns 59,981 shares of the company’s stock, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,800 shares of company stock worth $8,605,024. 12.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on NUVL shares. Wedbush reissued an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reissued a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. Finally, UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $77.64 on Friday. The company has a 50-day moving average of $78.53 and a 200 day moving average of $87.70. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of -22.37 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $61.80 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, equities analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current 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.