Handelsbanken Fonder AB Takes $397,000 Position in Nuvalent, Inc. (NASDAQ:NUVL)

Handelsbanken Fonder AB bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,400 shares of the company’s stock, valued at approximately $397,000.

Several other large investors have also recently bought and sold shares of NUVL. Bank of New York Mellon Corp raised its holdings in Nuvalent by 0.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 83,306 shares of the company’s stock valued at $3,830,000 after acquiring an additional 578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nuvalent by 460.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after purchasing an additional 3,162 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nuvalent by 16.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,866 shares of the company’s stock worth $683,000 after purchasing an additional 2,058 shares during the period. TD Asset Management Inc increased its holdings in shares of Nuvalent by 271.3% during the third quarter. TD Asset Management Inc now owns 45,524 shares of the company’s stock worth $2,093,000 after purchasing an additional 33,262 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after purchasing an additional 654 shares during the period. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NUVL. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Jefferies Financial Group began coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price on the stock. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. Finally, BMO Capital Markets boosted their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Insider Activity at Nuvalent

In related news, Director Andrew A. F. Hack sold 880,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the sale, the director now owns 2,697,267 shares of the company’s stock, valued at approximately $196,280,119.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $67.51, for a total transaction of $135,020.00. Following the sale, the director now owns 236,522 shares of the company’s stock, valued at approximately $15,967,600.22. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew A. F. Hack sold 880,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total value of $64,037,600.00. Following the sale, the director now directly owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The disclosure for this sale can be found here. Insiders have sold a total of 1,114,500 shares of company stock valued at $80,773,270 in the last 90 days. 14.77% of the stock is owned by corporate insiders.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $70.65 on Thursday. Nuvalent, Inc. has a one year low of $35.71 and a one year high of $89.39. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -32.71 and a beta of 1.29. The firm has a 50 day simple moving average of $75.90 and a 200 day simple moving average of $71.25.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, analysts expect that Nuvalent, Inc. will post -2.89 EPS for the current year.

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.