7,600 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL) during the 4th quarter, Holdings Channel reports. The firm bought 7,600 shares of the company’s stock, valued at approximately $595,000.

Other hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC increased its position in shares of Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after purchasing an additional 309 shares during the last quarter. KBC Group NV boosted its stake in 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 during the period. US Bancorp DE acquired a new stake in shares of Nuvalent during the fourth quarter valued at about $90,000. M&T Bank Corp raised its stake in shares of Nuvalent by 16.4% in the 4th quarter. M&T Bank Corp now owns 8,473 shares of the company’s stock valued at $664,000 after acquiring an additional 1,192 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in shares of Nuvalent by 6.7% in the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock worth $2,019,000 after acquiring an additional 1,231 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Activity at Nuvalent

In other news, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares of the company’s stock, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 17,301 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,845,260.16. The trade was a 6.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,800 shares of company stock valued at $8,437,464 over the last 90 days. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Up 3.6 %

Shares of NASDAQ NUVL opened at $70.46 on Thursday. The stock has a market cap of $5.04 billion, a P/E ratio of -20.31 and a beta of 1.42. The business’s fifty day simple moving average is $78.02 and its 200-day simple moving average is $86.95. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NUVL. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a report on Friday, March 14th. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $113.44.

Nuvalent Company 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.