Quantinno Capital Management LP boosted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL – Free Report) by 400.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,162 shares of the company’s stock after purchasing an additional 12,134 shares during the period. Quantinno Capital Management LP’s holdings in Nuvalent were worth $1,553,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. RA Capital Management L.P. acquired a new stake in Nuvalent during the 3rd quarter worth about $107,794,000. Wellington Management Group LLP lifted its holdings in shares of Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after buying an additional 724,491 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Nuvalent by 13.9% in the 4th 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. Norges Bank purchased a new stake in shares of Nuvalent in the fourth quarter worth about $57,763,000. Finally, JPMorgan Chase & Co. boosted 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 buying an additional 545,542 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
NUVL has been the subject of several recent research reports. Cantor Fitzgerald cut Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. Canaccord Genuity Group lowered Nuvalent from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 9th. TD Cowen cut shares of Nuvalent from a “buy” rating to a “hold” rating and set a $124.00 price objective on the stock. in a research note on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Finally, Raymond James Financial cut shares of Nuvalent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Hold” and an average target price of $127.73.
Nuvalent Price Performance
NASDAQ:NUVL opened at $123.96 on Thursday. Nuvalent, Inc. has a 52 week low of $71.13 and a 52 week high of $123.99. The stock’s 50-day moving average price is $121.79 and its 200-day moving average price is $109.16. The stock has a market capitalization of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14.
Insiders Place Their Bets
In other Nuvalent news, insider Henry E. Pelish sold 2,111 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $123.81, for a total value 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 trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the sale, the insider directly owned 59,634 shares in the company, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 90,471 shares of company stock worth $9,762,529. Company insiders own 5.02% of the company’s stock.
About Nuvalent
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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