Amalgamated Bank Buys 198 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Amalgamated Bank increased its position in Nuvalent, Inc. (NASDAQ:NUVL) by 21.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,105 shares of the company’s stock after buying an additional 198 shares during the period. Amalgamated Bank’s holdings in Nuvalent were worth $84,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NUVL. Edgestream Partners L.P. purchased a new position in shares of Nuvalent in the 2nd quarter worth $1,191,000. Dimensional Fund Advisors LP raised its stake in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the period. Nicholas Investment Partners LP lifted its holdings in shares of Nuvalent by 2.2% in the 2nd quarter. Nicholas Investment Partners LP now owns 125,495 shares of the company’s stock worth $9,520,000 after acquiring an additional 2,705 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Nuvalent during the 2nd quarter worth about $44,000. Finally, Arizona State Retirement System boosted its stake 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 worth $623,000 after purchasing an additional 1,127 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NUVL shares. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. BMO Capital Markets boosted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. Wedbush raised their price target on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Price Performance

Shares of NUVL stock opened at $103.02 on Wednesday. Nuvalent, Inc. has a 1-year low of $41.16 and a 1-year high of $113.51. The stock’s 50-day moving average is $85.16 and its 200 day moving average is $77.24. The company has a market cap of $6.65 billion, a P/E ratio of -42.75 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) EPS. On average, analysts anticipate that Nuvalent, Inc. will post -3.55 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated 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 owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Henry E. Pelish sold 10,500 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 102,629 shares of company stock valued at $8,975,258. Insiders own 12.52% of the company’s stock.

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.