RA Capital Management L.P. Has $18.03 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

RA Capital Management L.P. lifted its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 47.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 176,281 shares of the company’s stock after purchasing an additional 56,492 shares during the period. RA Capital Management L.P. owned 0.27% of Nuvalent worth $18,034,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quest Partners LLC bought a new stake in Nuvalent during the second quarter valued at about $44,000. Amalgamated Bank boosted its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the period. Portland Investment Counsel Inc. bought a new stake in Nuvalent during the third quarter valued at about $205,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the period. Finally, Public Employees Retirement Association of Colorado bought a new stake in Nuvalent during the second quarter valued at about $218,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Price Performance

NASDAQ:NUVL opened at $94.22 on Thursday. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a 50-day moving average price of $96.54 and a 200 day moving average price of $85.36.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the business earned ($0.59) EPS. As a group, equities analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NUVL. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Guggenheim increased their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.60.

Insider Transactions at Nuvalent

In other news, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This trade represents a 18.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,093,795 shares of company stock valued at $204,762,781. Corporate insiders own 12.52% of the company’s stock.

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.