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

Fmr LLC boosted its holdings 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 fund owned 9,654,352 shares of the company’s stock after buying an additional 786,257 shares during the quarter. Fmr LLC owned 14.90% of Nuvalent worth $987,640,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NUVL. Vanguard Group Inc. raised its holdings in shares of Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Driehaus Capital Management LLC grew its position in Nuvalent by 3.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares during the period. Fred Alger Management LLC raised its stake in Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after buying an additional 33,758 shares during the last quarter. First Turn Management LLC lifted its holdings in shares of Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling

In other news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 18.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.23, for a total transaction of $842,300.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. This trade represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,108,795 shares of company stock worth $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. The stock has a fifty day simple moving average of $97.30 and a two-hundred day simple moving average of $84.45. The firm has a market capitalization of $6.87 billion, a PE ratio of -28.01 and a beta of 1.33. Nuvalent, Inc. has a 52-week low of $61.01 and a 52-week high of $113.51.

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 in the prior year, the company earned ($0.59) earnings per share. On average, sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. UBS Group initiated 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. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, Guggenheim lifted 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 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’s stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average 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.