Geode Capital Management LLC Buys 73,429 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Geode Capital Management LLC raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 9.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 855,610 shares of the company’s stock after buying an additional 73,429 shares during the quarter. Geode Capital Management LLC’s holdings in Nuvalent were worth $87,546,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Edgestream Partners L.P. bought a new position in Nuvalent in the second quarter valued at about $1,191,000. Y Intercept Hong Kong Ltd bought a new position in shares of Nuvalent in the 3rd quarter worth approximately $1,255,000. Citigroup Inc. boosted its holdings in shares of Nuvalent by 14.9% in the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after buying an additional 12,256 shares during the last quarter. First Turn Management LLC grew its position in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. Finally, Barclays PLC increased its holdings in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after buying an additional 40,754 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the transaction, the director now owns 226,522 shares of the company’s stock, valued at $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $101.74, for a total value of $508,700.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,387,942. This trade represents a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,085,000 shares of company stock worth $203,592,630 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 several analyst reports. Stifel Nicolaus lifted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for 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 research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. One 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent Stock Performance

NUVL stock opened at $84.64 on Friday. The firm has a market cap of $6.01 billion, a PE ratio of -24.39 and a beta of 1.31. The firm has a fifty day moving average price of $93.60 and a 200 day moving average price of $86.97. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. On average, equities analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

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.