Handelsbanken Fonder AB Purchases 1,600 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Handelsbanken Fonder AB boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 20.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,300 shares of the company’s stock after acquiring an additional 1,600 shares during the period. Handelsbanken Fonder AB’s holdings in Nuvalent were worth $951,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Nuvalent by 56.5% during the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after buying an additional 1,205,668 shares in the last quarter. Renaissance Capital LLC purchased a new stake in Nuvalent during the 1st quarter valued at approximately $1,301,000. Allspring Global Investments Holdings LLC grew its holdings in Nuvalent by 9.2% during the 1st 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 in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Nuvalent by 70.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 11,262 shares of the company’s stock valued at $846,000 after buying an additional 4,643 shares in the last quarter. Finally, Capstone Investment Advisors LLC grew its holdings in Nuvalent by 20.9% during the 1st quarter. Capstone Investment Advisors LLC now owns 9,760 shares of the company’s stock valued at $733,000 after buying an additional 1,685 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Up 1.1 %

Shares of NASDAQ:NUVL opened at $103.59 on Friday. The company has a market capitalization of $6.69 billion, a PE ratio of -42.98 and a beta of 1.29. The business has a 50 day moving average of $89.09 and a two-hundred day moving average of $78.66. Nuvalent, Inc. has a 12-month low of $49.02 and a 12-month high of $113.51.

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 earned ($0.51) earnings per share. Equities research analysts predict that Nuvalent, Inc. will post -3.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush raised their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. Guggenheim raised their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $113.78.

Insider Transactions at Nuvalent

In related news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,290,374. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $79.59, for a total value of $159,180.00. Following the completion of the sale, the director now directly owns 230,522 shares in the company, valued at $18,347,245.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,290,374. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,629 shares of company stock valued at $9,793,908 in the last three months. 12.52% of the stock is currently owned by company insiders.

Nuvalent 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.