Renaissance Technologies LLC bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL – Free Report) during the 1st quarter, Holdings Channel.com reports. The firm bought 89,000 shares of the company’s stock, valued at approximately $9,118,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after buying an additional 639,264 shares during the period. Wellington Management Group LLP lifted its stake in shares of Nuvalent by 7.0% in the fourth quarter. Wellington Management Group LLP now owns 2,461,823 shares of the company’s stock worth $247,635,000 after acquiring an additional 160,958 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Nuvalent by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after acquiring an additional 545,542 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Nuvalent by 18.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,146,938 shares of the company’s stock valued at $215,962,000 after acquiring an additional 336,518 shares during the last quarter. Finally, RA Capital Management L.P. boosted its holdings in Nuvalent by 50.8% in the fourth quarter. RA Capital Management L.P. now owns 1,880,057 shares of the company’s stock valued at $189,115,000 after acquiring an additional 633,601 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.
Nuvalent Stock Performance
Shares of NUVL stock opened at $123.96 on Monday. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $123.99. The stock has a 50 day simple moving average of $118.13 and a two-hundred day simple moving average of $108.16. The company has a market cap of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14.
Analyst Ratings Changes
Several research analysts have issued reports on NUVL shares. Raymond James Financial lowered shares of Nuvalent from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 9th. Sanford C. Bernstein lowered shares of Nuvalent from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $172.00 to $124.00 in a research note on Wednesday, June 24th. Barclays reiterated an “equal weight” rating and set a $124.00 price objective (down from $152.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research note on Tuesday, April 21st. Finally, HC Wainwright lowered shares of Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 target price on the stock. 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 issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $127.73.
View Our Latest Stock Analysis on Nuvalent
Insider Activity at Nuvalent
In related news, CFO Alexandra Balcom sold 11,430 shares of the stock in a transaction on 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 transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $10,570,168.14. This represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 30,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $88.53, for a total transaction of $2,655,900.00. Following the transaction, the chief executive officer directly owned 324,879 shares in the company, valued at approximately $28,761,537.87. This represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 90,471 shares of company stock worth $9,762,529 over the last quarter. 5.02% of the stock is currently owned by insiders.
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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