Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by Candriam S.C.A.

Candriam S.C.A. raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 15.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 368,095 shares of the company’s stock after buying an additional 49,728 shares during the period. Candriam S.C.A.’s holdings in Nuvalent were worth $28,814,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of NUVL. FMR LLC boosted its holdings in shares of Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the last quarter. Wellington Management Group LLP boosted its holdings 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 during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Nuvalent by 111.0% during the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock worth $30,194,000 after purchasing an additional 155,261 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Nuvalent during the fourth quarter worth $10,487,000. Finally, First Turn Management LLC boosted its holdings in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Trading Up 1.3 %

NUVL stock opened at $72.94 on Friday. The stock has a 50-day moving average price of $79.50 and a two-hundred day moving average price of $88.29. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51. The company has a market cap of $5.18 billion, a PE ratio of -21.02 and a beta of 1.42.

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

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $16,292,466.93. This trade represents a 12.55 % 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 worth $8,895,004 over the last quarter. 12.52% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. BMO Capital Markets raised 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. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

About Nuvalent

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.