Norges Bank Buys New Position in Nuvalent, Inc. (NASDAQ:NUVL)

Norges Bank purchased a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 318,739 shares of the company's stock, valued at approximately $24,951,000. Norges Bank owned 0.45% of Nuvalent as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Wellington Management Group LLP lifted its stake in 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 buying an additional 400,402 shares in the last quarter. Geode Capital Management LLC lifted its stake in Nuvalent by 9.4% in 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. boosted its holdings in Nuvalent by 15.6% in the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock worth $28,814,000 after buying an additional 49,728 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Nuvalent by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock worth $25,329,000 after buying an additional 7,742 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

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Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated 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 directly owns 218,522 shares of the company's stock, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,541,404.52. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,000 shares of company stock worth $6,541,080. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Stock Up 6.9 %

NASDAQ NUVL traded up $4.30 during trading hours on Friday, hitting $66.29. 584,193 shares of the company were exchanged, compared to its average volume of 476,387. The company has a 50 day moving average of $74.24 and a two-hundred day moving average of $84.54. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -19.10 and a beta of 1.43. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51.

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

Wall Street Analyst Weigh In

NUVL has been the topic of several research reports. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush restated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.44.

About Nuvalent

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.