Fmr LLC Raises Position in Nuvalent, Inc. (NASDAQ:NUVL)

Fmr LLC lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 8.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,654,352 shares of the company’s stock after purchasing an additional 786,257 shares during the quarter. Fmr LLC owned about 0.15% of Nuvalent worth $987,640,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. Samlyn Capital LLC bought a new position in Nuvalent during the second quarter valued at $17,397,000. Logos Global Management LP purchased a new position in shares of Nuvalent during the 2nd quarter worth about $14,793,000. Dimensional Fund Advisors LP grew its holdings in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. First Turn Management LLC raised its position in Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares during the period. Finally, Marshall Wace LLP lifted its stake in Nuvalent by 1,127.1% in the second quarter. Marshall Wace LLP now owns 84,081 shares of the company’s stock worth $6,378,000 after purchasing an additional 77,229 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’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 $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. This represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,108,795 shares of company stock valued at $206,027,231. 12.52% of the stock is owned by insiders.

Nuvalent Stock Performance

Shares of NUVL stock opened at $96.76 on Thursday. Nuvalent, Inc. has a fifty-two week low of $61.01 and a fifty-two week high of $113.51. The firm has a market capitalization of $6.87 billion, a PE ratio of -28.01 and a beta of 1.33. The stock’s 50-day simple moving average is $97.30 and its 200-day simple moving average is $84.45.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share 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. Sell-side analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on NUVL. Barclays started coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. 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 report on Monday, September 16th. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Nuvalent presently has an average rating of “Moderate Buy” and a consensus price target 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.