Franklin Resources Inc. Sells 35,063 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Franklin Resources Inc. decreased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 18.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 159,628 shares of the company's stock after selling 35,063 shares during the quarter. Franklin Resources Inc. owned 0.22% of Nuvalent worth $16,488,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank boosted its position in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after buying an additional 198 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock valued at $213,000 after buying an additional 382 shares during the period. Finally, Creative Planning acquired a new position in Nuvalent during the 3rd quarter valued at about $232,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Stock Down 0.5 %

NUVL traded down $0.42 during midday trading on Friday, hitting $84.22. 1,114,222 shares of the company were exchanged, compared to its average volume of 438,656. The firm has a market capitalization of $5.98 billion, a P/E ratio of -24.27 and a beta of 1.31. The firm's 50 day moving average price is $93.21 and its 200-day moving average price is $87.07. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) earnings per share. On average, sell-side analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares of the company's stock, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company's 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 transaction, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,085,000 shares of company stock worth $203,592,630. Company insiders own 12.52% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on NUVL. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research report on Monday, September 16th. UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a "neutral" rating and a $100.00 price target for the company. JPMorgan Chase & Co. lifted their target price on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus upped their price objective on Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. One 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, Nuvalent has an average rating of "Moderate Buy" and an average target price of $112.60.

Nuvalent Company 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.