KLP Kapitalforvaltning AS Makes New Investment in Nuvalent, Inc. (NASDAQ:NUVL)

KLP Kapitalforvaltning AS acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,600 shares of the company's stock, valued at approximately $595,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. acquired a new position in Nuvalent during the fourth quarter worth about $14,590,000. Teacher Retirement System of Texas increased its stake in shares of Nuvalent by 43.1% during the 4th quarter. Teacher Retirement System of Texas now owns 10,609 shares of the company's stock worth $830,000 after purchasing an additional 3,197 shares in the last quarter. Cibc World Markets Corp acquired a new position in shares of Nuvalent during the 4th quarter worth approximately $257,000. Commonwealth Equity Services LLC lifted its stake in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Nuvalent by 21.8% during the 4th quarter. Swiss National Bank now owns 70,400 shares of the company's stock valued at $5,511,000 after buying an additional 12,600 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Down 1.6 %

Shares of NUVL stock traded down $1.06 during trading hours on Monday, hitting $64.68. 920,824 shares of the company were exchanged, compared to its average volume of 474,118. The firm has a fifty day moving average of $77.02 and a 200 day moving average of $85.98. Nuvalent, Inc. has a 1 year low of $60.33 and a 1 year high of $113.51. The firm has a market cap of $4.63 billion, a PE ratio of -18.64 and a beta of 1.43.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

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.