Edgestream Partners L.P. Has $289,000 Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Edgestream Partners L.P. trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 82.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,829 shares of the company’s stock after selling 12,866 shares during the period. Edgestream Partners L.P.’s holdings in Nuvalent were worth $289,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of Nuvalent by 108.3% during the 2nd quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after buying an additional 1,745 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Nuvalent by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock worth $10,460,000 after acquiring an additional 25,966 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after acquiring an additional 1,686 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after purchasing an additional 7,420 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after purchasing an additional 1,127 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Insider Buying and Selling at Nuvalent

In related news, insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. This represents a 49.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,936,394. The trade was a 8.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,093,795 shares of company stock valued at $204,762,781. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Up 0.6 %

NUVL opened at $94.31 on Friday. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a fifty day moving average of $96.27 and a 200-day moving average of $85.48. The stock has a market cap of $6.70 billion, a PE ratio of -27.18 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the business posted ($0.59) earnings per share. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NUVL. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. Finally, Guggenheim raised 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

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.