Candriam S.C.A. raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL – Free Report) by 9.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 391,306 shares of the company’s stock after acquiring an additional 33,293 shares during the period. Candriam S.C.A.’s holdings in Nuvalent were worth $40,089,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock valued at $34,000 after purchasing an additional 108 shares during the period. NBC Securities Inc. purchased a new stake in Nuvalent in the fourth quarter worth $125,000. KBC Group NV grew its stake in Nuvalent by 24.1% in the fourth quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after purchasing an additional 297 shares during the period. US Bancorp DE grew its stake in Nuvalent by 10.0% in the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after purchasing an additional 188 shares during the period. Finally, Portland Investment Counsel Inc. bought a new position in Nuvalent in the fourth quarter worth $201,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on NUVL. UBS Group lowered Nuvalent from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $138.00 to $124.00 in a research report on Wednesday, June 10th. Cantor Fitzgerald lowered shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Wedbush cut shares of Nuvalent from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $124.00 in a research report on Tuesday, June 9th. Wells Fargo & Company reissued an “equal weight” rating and set a $124.00 price objective (up from $116.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Finally, Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $127.73.
Nuvalent Trading Up 0.1%
Nuvalent stock opened at $123.90 on Friday. Nuvalent, Inc. has a 12 month low of $71.13 and a 12 month high of $123.91. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -20.45 and a beta of 1.14. The business’s fifty day simple moving average is $111.72 and its two-hundred day simple moving average is $105.87.
Nuvalent (NASDAQ:NUVL – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the previous year, the company posted ($1.18) earnings per share. On average, equities research analysts predict that Nuvalent, Inc. will post -5.74 EPS for the current year.
Insider Activity
In related news, insider Henry E. Pelish sold 2,111 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $123.81, for a total transaction of $261,362.91. Following the sale, the insider directly owned 63,493 shares of the company’s stock, valued at approximately $7,861,068.33. This represents a 3.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $123.58, for a total transaction of $1,412,519.40. Following the sale, the chief financial officer owned 85,533 shares of the company’s stock, valued at approximately $10,570,168.14. This represents a 11.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 125,971 shares of company stock valued at $13,358,939. Company insiders own 5.02% of the company’s stock.
Nuvalent Profile
Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.
Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.
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