Geode Capital Management LLC Buys 15,878 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Geode Capital Management LLC lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 871,488 shares of the company's stock after buying an additional 15,878 shares during the period. Geode Capital Management LLC owned about 1.23% of Nuvalent worth $68,236,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares during the last quarter. Wellington Management Group LLP boosted its position in Nuvalent by 27.0% during the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after buying an additional 272,738 shares during the period. Pictet Asset Management Holding SA grew its holdings in Nuvalent by 3.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 641,781 shares of the company's stock worth $50,239,000 after acquiring an additional 20,648 shares during the last quarter. Candriam S.C.A. increased its position in Nuvalent by 15.6% in the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after acquiring an additional 49,728 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Nuvalent by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock worth $25,329,000 after purchasing an additional 7,742 shares during the period. 97.26% of the stock is currently owned by institutional investors.

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Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $18,926,221.38. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,000 shares of company stock valued at $6,541,080 in the last 90 days. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Performance

Nuvalent stock traded up $0.78 during mid-day trading on Tuesday, reaching $70.78. The stock had a trading volume of 517,307 shares, compared to its average volume of 476,082. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The stock's 50-day simple moving average is $73.54 and its 200-day simple moving average is $84.13. The firm has a market capitalization of $5.07 billion, a PE ratio of -20.40 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, March 14th. Finally, Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $113.44.

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.