Virtu Financial LLC Purchases Shares of 7,417 Nuvalent, Inc. (NASDAQ:NUVL)

Virtu Financial LLC acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL) during the third quarter, according to its most recent filing with the SEC. The firm acquired 7,417 shares of the company’s stock, valued at approximately $759,000.

Several other hedge funds have also recently made changes to their positions in NUVL. Edgestream Partners L.P. bought a new position in Nuvalent in the second quarter worth about $1,191,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Nuvalent during the 3rd quarter worth approximately $1,255,000. Citigroup Inc. grew its holdings in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after acquiring an additional 12,256 shares during the period. First Turn Management LLC raised its position in shares of Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after acquiring an additional 106,838 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $3,365,298. This represents a 23.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,090,795 shares of company stock valued at $204,498,241 in the last 90 days. 12.52% of the stock is currently owned by insiders.

Nuvalent Trading Up 0.0 %

Shares of NUVL opened at $86.86 on Friday. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -25.03 and a beta of 1.31. The business’s fifty day simple moving average is $94.91 and its two-hundred day simple moving average is $86.56. Nuvalent, Inc. has a 12 month low of $61.79 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the company earned ($0.59) earnings per share. As a group, research analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Guggenheim increased their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

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.