Geode Capital Management LLC boosted its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 9.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 855,610 shares of the company's stock after purchasing an additional 73,429 shares during the quarter. Geode Capital Management LLC owned about 1.32% of Nuvalent worth $87,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of NUVL. Quest Partners LLC purchased a new stake in shares of Nuvalent during the 2nd quarter valued at $44,000. Amalgamated Bank raised its position 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 purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. purchased a new stake in Nuvalent during the third quarter valued at about $205,000. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 worth $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new position in shares of Nuvalent in the 2nd quarter worth about $218,000. 97.26% of the stock is currently owned by institutional investors.
A number of research firms recently weighed in on NUVL. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. Guggenheim increased their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.60.
View Our Latest Analysis on NUVL
Shares of NUVL stock opened at $84.64 on Friday. The firm has a market cap of $6.01 billion, a P/E ratio of -24.39 and a beta of 1.31. The business's 50 day moving average price is $93.60 and its 200-day moving average price is $86.97. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.
Nuvalent (NASDAQ:NUVL - Get Free Report) 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 firm earned ($0.59) earnings per share. As a group, equities analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.
In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company's stock, valued at $3,365,298. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now owns 226,522 shares of the company's stock, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,085,000 shares of company stock worth $203,592,630 in the last three months. 12.52% of the stock is owned by corporate insiders.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Nuvalent, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nuvalent wasn't on the list.
While Nuvalent currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.