Geode Capital Management LLC Increases Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Geode Capital Management LLC increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 9.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 855,610 shares of the company's stock after buying an additional 73,429 shares during the period. Geode Capital Management LLC owned about 1.32% of Nuvalent worth $87,546,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. FMR LLC raised its stake in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company's stock valued at $987,640,000 after buying an additional 786,257 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock valued at $103,511,000 after acquiring an additional 400,402 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company's stock worth $52,845,000 after acquiring an additional 23,730 shares in the last quarter. Fred Alger Management LLC lifted its stake in Nuvalent by 8.6% during the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company's stock worth $64,218,000 after purchasing an additional 49,612 shares during the last quarter. Finally, First Turn Management LLC lifted its stake in Nuvalent by 42.3% during the third 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 last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NUVL shares. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an "overweight" rating and a $100.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 4th. 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's stock. According to data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average target price of $112.60.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,085,000 shares of company stock worth $203,592,630. 12.52% of the stock is owned by insiders.

Nuvalent Stock Down 0.5 %

NUVL traded down $0.42 on Friday, hitting $84.22. 1,114,222 shares of the company traded hands, compared to its average volume of 438,656. The company has a 50 day moving average of $93.21 and a 200-day moving average of $87.07. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The stock has a market capitalization of $5.98 billion, a PE ratio of -24.27 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly 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 last year, the firm posted ($0.59) earnings per share. On average, research analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

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.