Ameritas Investment Partners Inc. Purchases 712 Shares of Nuvalent, Inc. $NUVL

Ameritas Investment Partners Inc. boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 19.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,388 shares of the company’s stock after purchasing an additional 712 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Nuvalent were worth $335,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. CWM LLC grew its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after buying an additional 359 shares in the last quarter. Covestor Ltd lifted its stake in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares during the period. Persistent Asset Partners Ltd purchased a new stake in Nuvalent in the second quarter worth about $88,000. Farther Finance Advisors LLC grew its holdings in Nuvalent by 9,230.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock worth $93,000 after acquiring an additional 1,200 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Nuvalent by 38.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,632 shares of the company’s stock valued at $125,000 after purchasing an additional 451 shares during the period. 97.26% of the stock is owned by institutional investors.

Nuvalent Stock Up 1.5%

NUVL stock opened at $110.73 on Friday. The firm has a 50 day moving average of $93.79 and a 200 day moving average of $83.28. The stock has a market capitalization of $8.05 billion, a PE ratio of -20.81 and a beta of 1.31. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $112.88.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter last year, the business posted ($1.28) EPS. On average, equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 5,850 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $109.37, for a total value of $639,814.50. Following the completion of the transaction, the director owned 1,377,194 shares in the company, valued at $150,623,707.78. This trade represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James E. Flynn sold 742,574 shares of Nuvalent stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $95.44, for a total value of $70,871,262.56. Following the sale, the director directly owned 8,299,225 shares of the company’s stock, valued at approximately $792,078,034. This represents a 8.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,041,074 shares of company stock valued at $98,898,659 over the last three months. 10.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NUVL shares. Piper Sandler upped their price target on shares of Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Canaccord Genuity Group assumed coverage on Nuvalent in a report on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. Stifel Nicolaus increased their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Truist Financial set a $140.00 price target on Nuvalent in a research report on Monday, November 24th. Finally, UBS Group upped their price objective on Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $137.86.

Nuvalent Company 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.