Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Legato Capital Management LLC

Legato Capital Management LLC decreased its position in Nuvalent, Inc. (NASDAQ:NUVL) by 31.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,451 shares of the company’s stock after selling 2,492 shares during the quarter. Legato Capital Management LLC’s holdings in Nuvalent were worth $427,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. KBC Group NV grew its position in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent during the third quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after buying an additional 382 shares in the last quarter. Creative Planning acquired a new stake in shares of Nuvalent during the third quarter worth approximately $232,000. Finally, FORA Capital LLC acquired a new stake in shares of Nuvalent during the third quarter worth approximately $328,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the sale, the director now directly owns 218,522 shares in the company, valued at $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Wednesday, January 15th. The shares were 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 in the company, valued at approximately $18,926,221.38. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,800 shares of company stock worth $6,812,164. 12.52% of the stock is owned by insiders.

Nuvalent Stock Performance

NUVL stock opened at $77.93 on Friday. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of -22.46 and a beta of 1.38. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The stock’s fifty day moving average is $82.41 and its two-hundred day moving average is $87.92.

Nuvalent (NASDAQ:NUVL) last posted its 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 prior year, the company posted ($0.59) earnings per share. As a group, analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NUVL. Wedbush reissued an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. BMO Capital Markets raised their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright reissued a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

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.