FORA Capital LLC Makes New $328,000 Investment in Nuvalent, Inc. (NASDAQ:NUVL)

FORA Capital LLC purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,202 shares of the company’s stock, valued at approximately $328,000.

Other institutional investors also recently added to or reduced their stakes in the company. Amalgamated Bank increased its holdings in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the period. Quest Partners LLC acquired a new position in shares of Nuvalent in the second quarter valued at approximately $44,000. Arizona State Retirement System increased its holdings in shares of Nuvalent by 15.9% in the second 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 period. Finally, MetLife Investment Management LLC increased its holdings in shares of Nuvalent by 6.7% in the third quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock valued at $2,019,000 after purchasing an additional 1,231 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL opened at $96.68 on Friday. The business’s fifty day moving average is $97.06 and its two-hundred day moving average is $84.62. The company has a market cap of $6.87 billion, a price-to-earnings ratio of -27.86 and a beta of 1.33. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51.

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

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s 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 sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $3,365,298. This trade represents a 23.09 % decrease in their ownership of the stock. The sale 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 business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $96.22, for a total value of $192,440.00. Following the completion of the transaction, the director now owns 222,522 shares of the company’s stock, valued at $21,411,066.84. This trade represents a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,098,795 shares of company stock worth $205,184,931 over the last ninety days. 12.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on NUVL shares. JPMorgan Chase & Co. lifted their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Stifel Nicolaus lifted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, BMO Capital Markets lifted their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One equities research 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.