KBC Group NV Increases Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

KBC Group NV boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 61.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,587 shares of the company’s stock after buying an additional 602 shares during the quarter. KBC Group NV’s holdings in Nuvalent were worth $124,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of NUVL. FMR LLC increased its holdings in shares of Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after buying an additional 786,257 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in shares of Nuvalent by 111.0% in the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock valued at $30,194,000 after purchasing an additional 155,261 shares during the period. First Turn Management LLC grew its holdings in shares of Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after buying an additional 73,429 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 1.2 %

Shares of NUVL stock opened at $85.68 on Friday. The company has a market capitalization of $6.09 billion, a P/E ratio of -24.69 and a beta of 1.38. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The business’s 50 day moving average is $83.71 and its two-hundred day moving average is $87.90.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the business posted ($0.59) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the transaction, the director now owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,800 shares of company stock worth $6,812,164. Company insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NUVL. HC Wainwright reissued a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group initiated coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. Finally, BMO Capital Markets upped their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

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.