Handelsbanken Fonder AB Has $845,000 Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Handelsbanken Fonder AB raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 16.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,800 shares of the company’s stock after purchasing an additional 1,500 shares during the period. Handelsbanken Fonder AB’s holdings in Nuvalent were worth $845,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Nuvalent during the 3rd quarter worth about $1,255,000. Lord Abbett & CO. LLC raised its stake in shares of Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after purchasing an additional 70,157 shares in the last quarter. Citigroup Inc. raised its stake in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after purchasing an additional 12,256 shares in the last quarter. Barclays PLC raised its stake in shares of Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after acquiring an additional 40,754 shares in the last quarter. Finally, First Turn Management LLC raised its stake in shares of Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after acquiring an additional 106,838 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Price Performance

Shares of NUVL stock opened at $74.98 on Friday. The stock’s fifty day simple moving average is $80.38 and its 200 day simple moving average is $88.27. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of -21.61 and a beta of 1.38. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,926,221.38. The trade was a 9.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 4,016 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 $319,994.88. Following the completion of the transaction, the chief financial officer now owns 61,734 shares of the company’s stock, valued at approximately $4,918,965.12. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,800 shares of company stock valued at $8,895,004 in the last 90 days. 12.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NUVL has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. Finally, BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $113.10.

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.