Swiss National Bank Acquires 12,600 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Swiss National Bank boosted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 21.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,400 shares of the company's stock after purchasing an additional 12,600 shares during the period. Swiss National Bank owned about 0.10% of Nuvalent worth $5,511,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. US Bancorp DE bought a new position in Nuvalent in the 4th quarter valued at approximately $90,000. KBC Group NV increased its holdings in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after buying an additional 602 shares in the last quarter. Portland Investment Counsel Inc. bought a new position in shares of Nuvalent in the 3rd quarter valued at $205,000. FORA Capital LLC acquired a new stake in shares of Nuvalent during the 3rd quarter valued at $328,000. Finally, E Fund Management Co. Ltd. grew its position in Nuvalent by 53.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 4,213 shares of the company's stock worth $330,000 after acquiring an additional 1,460 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. 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 report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eleven have issued 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 an average rating of "Moderate Buy" and a consensus price target of $113.10.

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Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 2,483 shares of Nuvalent stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the sale, the insider now directly owns 59,981 shares of the company's stock, valued at approximately $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now owns 218,522 shares in the company, valued at $18,091,436.38. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,800 shares of company stock worth $8,437,464. 12.52% of the stock is owned by corporate insiders.

Nuvalent Price Performance

Shares of NUVL traded down $0.31 during trading hours on Thursday, hitting $73.62. 486,486 shares of the stock were exchanged, compared to its average volume of 462,077. The firm has a market capitalization of $5.27 billion, a P/E ratio of -21.22 and a beta of 1.42. Nuvalent, Inc. has a fifty-two week low of $61.80 and a fifty-two week high of $113.51. The business has a 50-day moving average of $78.64 and a 200-day moving average of $87.48.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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). As a group, analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal 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.