Martingale Asset Management L P Lowers Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Martingale Asset Management L P reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 8.4% in the 4th quarter, Holdings Channel reports. The fund owned 5,594 shares of the company’s stock after selling 510 shares during the period. Martingale Asset Management L P’s holdings in Nuvalent were worth $438,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Nuvalent by 8.9% during 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 in the last quarter. Wellington Management Group LLP increased its holdings in Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after buying an additional 272,738 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Nuvalent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company’s stock worth $68,236,000 after acquiring an additional 15,878 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Nuvalent by 3.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 641,781 shares of the company’s stock worth $50,239,000 after acquiring an additional 20,648 shares in the last quarter. Finally, Candriam S.C.A. grew its position in shares of Nuvalent by 15.6% during the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company’s stock valued at $28,814,000 after acquiring an additional 49,728 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares of the company’s stock, valued at $18,091,436.38. This represents a 0.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,926,221.38. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,000 shares of company stock worth $6,541,080. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Up 6.9 %

NASDAQ:NUVL opened at $66.29 on Monday. The company has a market cap of $4.75 billion, a P/E ratio of -19.10 and a beta of 1.43. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The company’s 50-day moving average price is $74.24 and its 200-day moving average price is $84.43.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.