E Fund Management Co. Ltd. Cuts Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

E Fund Management Co. Ltd. lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 23.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,929 shares of the company’s stock after selling 1,207 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Nuvalent were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Quest Partners LLC purchased a new stake in shares of Nuvalent during the second quarter worth $44,000. SG Americas Securities LLC purchased a new position in Nuvalent in the first quarter valued at $121,000. Allspring Global Investments Holdings LLC increased its holdings in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new position in Nuvalent in the first quarter valued at $202,000. Finally, Amalgamated Bank increased its holdings in Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after buying an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

Shares of NUVL opened at $102.63 on Thursday. Nuvalent, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $113.51. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of -42.59 and a beta of 1.28. The firm has a 50-day simple moving average of $80.68 and a 200-day simple moving average of $75.97.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the business posted ($0.51) EPS. Equities research analysts forecast that Nuvalent, Inc. will post -3.55 EPS for the current year.

Analyst Upgrades and Downgrades

NUVL has been the topic of several recent analyst reports. Guggenheim increased their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus raised their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday. Finally, Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $111.00.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares in the company, valued at $18,652,914.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $73.23, for a total value of $219,690.00. Following the completion of the sale, the insider now owns 33,300 shares in the company, valued at $2,438,559. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,629 shares of company stock worth $10,062,198. Company insiders own 12.52% of the company’s stock.

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.