Lord Abbett & CO. LLC Purchases 70,157 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Lord Abbett & CO. LLC grew its position in Nuvalent, Inc. (NASDAQ:NUVL) by 29.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,362 shares of the company’s stock after acquiring an additional 70,157 shares during the period. Lord Abbett & CO. LLC owned about 0.43% of Nuvalent worth $31,546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Exome Asset Management LLC bought a new position in shares of Nuvalent in the 3rd quarter valued at about $2,040,000. Virtu Financial LLC acquired a new stake in shares of Nuvalent during the 3rd quarter worth about $759,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Nuvalent by 82.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock worth $545,000 after buying an additional 2,400 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after buying an additional 73,429 shares during the last quarter. Finally, M&T Bank Corp lifted its stake in shares of Nuvalent by 21.0% during the 3rd quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock worth $745,000 after buying an additional 1,263 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on NUVL shares. Stifel Nicolaus lifted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. UBS Group started coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Finally, Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Price Performance

NUVL stock opened at $86.86 on Monday. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of -25.03 and a beta of 1.31. The company has a 50 day simple moving average of $94.91 and a 200 day simple moving average of $86.70. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced 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 prior year, the business posted ($0.59) EPS. On average, equities research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. The trade was a 13.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,058,000 shares of company stock worth $201,254,160 in the last 90 days. 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.