Parkman Healthcare Partners LLC Has $2.39 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Parkman Healthcare Partners LLC decreased its position in Nuvalent, Inc. (NASDAQ:NUVL) by 45.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 23,400 shares of the company’s stock after selling 19,488 shares during the period. Parkman Healthcare Partners LLC’s holdings in Nuvalent were worth $2,394,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NUVL. Amalgamated Bank grew its stake in 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 acquiring an additional 198 shares during the period. HighVista Strategies LLC grew its position in shares of Nuvalent by 1.1% in the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after purchasing an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Quest Partners LLC acquired a new stake in Nuvalent during the 2nd quarter worth approximately $44,000. Finally, Arizona State Retirement System lifted its stake in 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 buying an additional 1,127 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NUVL shares. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, Guggenheim raised their price target 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 investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Price Performance

Shares of NUVL stock opened at $94.75 on Wednesday. The company has a fifty day moving average price of $96.67 and a two-hundred day moving average price of $85.19. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The stock has a market cap of $6.73 billion, a P/E ratio of -27.31 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last issued its 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 quarter last year, the business posted ($0.59) EPS. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,936,394. This trade represents a 8.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. This trade represents a 49.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is owned by company insiders.

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.