Dynamic Technology Lab Private Ltd Takes $699,000 Position in Nuvalent, Inc. (NASDAQ:NUVL)

Dynamic Technology Lab Private Ltd bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,932 shares of the company’s stock, valued at approximately $699,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after acquiring an additional 400,402 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Norges Bank purchased a new position in Nuvalent during the 4th quarter worth approximately $24,951,000. American Century Companies Inc. acquired a new position in Nuvalent during the fourth quarter worth approximately $14,590,000. Finally, Raymond James Financial Inc. purchased a new stake in Nuvalent in the fourth quarter valued at approximately $10,487,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL stock opened at $64.68 on Tuesday. The stock has a market capitalization of $4.63 billion, a PE ratio of -18.64 and a beta of 1.43. The company has a fifty day moving average of $77.02 and a 200-day moving average of $85.98. Nuvalent, Inc. has a one year low of $59.82 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,896,333.94. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 85,000 shares of company stock valued at $6,541,080. Corporate insiders own 12.52% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NUVL shares. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and a consensus price target of $113.44.

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.