Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 53.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,213 shares of the company’s stock after buying an additional 1,460 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Nuvalent were worth $330,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE purchased a new stake in Nuvalent during the 4th quarter valued at about $90,000. KBC Group NV lifted its holdings in shares of 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 purchasing an additional 602 shares during the period. Portland Investment Counsel Inc. purchased a new stake in Nuvalent in the third quarter valued at approximately $205,000. Creative Planning acquired a new position in Nuvalent in the 3rd quarter worth approximately $232,000. Finally, FORA Capital LLC acquired a new position in Nuvalent in the 3rd quarter worth approximately $328,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

NUVL opened at $71.07 on Friday. The company has a fifty day moving average of $79.32 and a two-hundred day moving average of $88.35. Nuvalent, Inc. has a fifty-two week low of $61.80 and a fifty-two week high of $113.51. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of -20.48 and a beta of 1.42.

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

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the sale, the director now owns 220,522 shares in the company, valued at $18,475,333.16. This trade represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $18,926,221.38. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock valued at $8,895,004 in the last three months. 12.52% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on NUVL shares. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $113.10.

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.