Fmr LLC Acquires 786,257 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

FMR LLC grew its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 8.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 9,654,352 shares of the company's stock after acquiring an additional 786,257 shares during the quarter. FMR LLC owned about 14.90% of Nuvalent worth $987,640,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in NUVL. Samlyn Capital LLC purchased a new position in Nuvalent in the second quarter valued at about $17,397,000. Logos Global Management LP purchased a new position in Nuvalent during the second quarter worth about $14,793,000. Dimensional Fund Advisors LP boosted its position in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock worth $26,409,000 after acquiring an additional 155,276 shares during the last quarter. First Turn Management LLC boosted its holdings in shares of Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after purchasing an additional 106,838 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Nuvalent by 1,127.1% during the 2nd quarter. Marshall Wace LLP now owns 84,081 shares of the company's stock worth $6,378,000 after buying an additional 77,229 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now owns 226,522 shares of the company's stock, valued at approximately $23,275,135.50. This trade represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of the business's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,936,394. This trade represents a 8.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,108,795 shares of company stock valued at $206,027,231. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Up 0.5 %

Shares of Nuvalent stock traded up $0.46 during trading on Thursday, reaching $96.76. 179,528 shares of the company were exchanged, compared to its average volume of 437,671. Nuvalent, Inc. has a twelve month low of $61.01 and a twelve month high of $113.51. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of -27.88 and a beta of 1.33. The business has a 50-day moving average price of $97.19 and a 200-day moving average price of $84.53.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the business posted ($0.59) EPS. On average, equities research analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. BMO Capital Markets raised their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 target price for the company. UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 price objective for the company. Finally, The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. One equities 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $112.60.

Nuvalent Profile

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.