Bank of Montreal Can Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Bank of Montreal Can trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 60.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,755 shares of the company’s stock after selling 116,423 shares during the period. Bank of Montreal Can owned approximately 0.12% of Nuvalent worth $6,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Renaissance Capital LLC bought a new position in Nuvalent during the first quarter valued at $1,301,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Nuvalent during the 4th quarter valued at about $4,406,000. Commodore Capital LP lifted its holdings in shares of Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Nuvalent during the second quarter worth approximately $1,191,000. Finally, Seven Eight Capital LP purchased a new stake in Nuvalent during the first quarter valued at approximately $1,172,000. 97.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NUVL has been the subject of a number of recent research reports. BMO Capital Markets lifted their target price on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Stifel Nicolaus raised their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Guggenheim increased their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of “Moderate Buy” and an average price target of $111.00.

Insider Buying and Selling

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $73.23, for a total value of $219,690.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,438,559. The disclosure for this sale can be found here. Insiders sold a total of 102,629 shares of company stock valued at $8,975,258 over the last three months. 12.52% of the stock is owned by company insiders.

Nuvalent Price Performance

Shares of NUVL stock opened at $102.30 on Tuesday. The company has a market capitalization of $6.60 billion, a P/E ratio of -42.45 and a beta of 1.28. The company’s 50-day simple moving average is $84.75 and its two-hundred day simple moving average is $77.08. Nuvalent, Inc. has a one year low of $41.16 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the firm posted ($0.51) earnings per share. On average, research analysts expect that Nuvalent, Inc. will post -3.55 EPS for the current fiscal year.

About Nuvalent

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.