Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 137.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,527 shares of the company's stock after purchasing an additional 47,818 shares during the period. JPMorgan Chase & Co. owned about 0.12% of Nuvalent worth $6,460,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after acquiring an additional 366,239 shares during the last quarter. Geode Capital Management LLC grew its holdings in Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company's stock valued at $87,546,000 after buying an additional 73,429 shares in the last quarter. Candriam S.C.A. grew its holdings in Nuvalent by 15.6% during the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after buying an additional 49,728 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Nuvalent by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock valued at $25,329,000 after buying an additional 7,742 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after buying an additional 70,157 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL traded up $2.00 during midday trading on Wednesday, reaching $73.39. 20,092 shares of the company's stock traded hands, compared to its average volume of 473,352. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The company has a market cap of $5.25 billion, a P/E ratio of -21.15 and a beta of 1.43. The company has a fifty day simple moving average of $72.35 and a two-hundred day simple moving average of $83.00.

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

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the transaction, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 85,000 shares of company stock valued at $6,350,730 in the last 90 days. Company insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

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.