Nuvalent, Inc. $NUVL Shares Purchased by Farther Finance Advisors LLC

Farther Finance Advisors LLC increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 9,230.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,213 shares of the company’s stock after purchasing an additional 1,200 shares during the quarter. Farther Finance Advisors LLC’s holdings in Nuvalent were worth $93,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NUVL. Exchange Traded Concepts LLC boosted its holdings in Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after acquiring an additional 161 shares during the period. GF Fund Management CO. LTD. boosted its holdings in Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company’s stock valued at $119,000 after purchasing an additional 302 shares in the last quarter. CWM LLC lifted its stake in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after buying an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Nuvalent in the first quarter valued at approximately $38,000. Finally, E Fund Management Co. Ltd. raised its stake in shares of Nuvalent by 13.6% during the first quarter. E Fund Management Co. Ltd. now owns 4,785 shares of the company’s stock worth $339,000 after purchasing an additional 572 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Henry E. Pelish sold 3,725 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $78.83, for a total value of $293,641.75. Following the completion of the sale, the insider owned 65,963 shares in the company, valued at $5,199,863.29. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $79.08, for a total value of $2,135,160.00. Following the completion of the sale, the chief executive officer owned 249,062 shares of the company’s stock, valued at approximately $19,695,822.96. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 145,458 shares of company stock worth $11,751,861 over the last 90 days. 10.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on NUVL shares. Raymond James Financial initiated coverage on Nuvalent in a research note on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price target for the company. Robert W. Baird increased their price objective on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research note on Saturday, September 27th. HC Wainwright reiterated a “buy” rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Finally, Guggenheim began coverage on Nuvalent in a report on Thursday, September 4th. They issued a “buy” rating and a $122.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $118.89.

Nuvalent Stock Performance

Shares of NUVL stock opened at $84.22 on Friday. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $106.32. The stock has a fifty day moving average of $78.36 and a two-hundred day moving average of $76.02. The firm has a market capitalization of $6.07 billion, a PE ratio of -17.19 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) earnings per share. Equities research analysts predict that Nuvalent, Inc. will post -3.86 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.