Swiss National Bank Acquires 12,600 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Swiss National Bank boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 21.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 70,400 shares of the company’s stock after buying an additional 12,600 shares during the quarter. Swiss National Bank’s holdings in Nuvalent were worth $5,511,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NUVL. Intech Investment Management LLC bought a new position in shares of Nuvalent in the third quarter worth approximately $796,000. Charles Schwab Investment Management Inc. grew its stake in Nuvalent by 19.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 315,827 shares of the company’s stock worth $32,309,000 after buying an additional 50,536 shares in the last quarter. Citigroup Inc. raised its position in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after buying an additional 12,256 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Nuvalent by 100.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 45,705 shares of the company’s stock worth $4,676,000 after acquiring an additional 22,910 shares during the last quarter. Finally, FMR LLC grew its position in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after acquiring an additional 786,257 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $77.96 on Monday. Nuvalent, Inc. has a 52-week low of $61.80 and a 52-week high of $113.51. The company’s 50 day moving average price is $78.56 and its 200-day moving average price is $87.71. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of -22.47 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 4,016 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $319,994.88. Following the completion of the transaction, the chief financial officer now directly owns 61,734 shares in the company, valued at approximately $4,918,965.12. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,800 shares of company stock worth $8,437,464. Company insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Finally, Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average 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.