Mirae Asset Global Investments Co. Ltd. Has $1.31 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 19.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,796 shares of the company’s stock after purchasing an additional 2,930 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Nuvalent were worth $1,310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NUVL. JPMorgan Chase & Co. lifted its stake in shares of Nuvalent by 13.0% in the 1st quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company’s stock valued at $6,147,000 after purchasing an additional 50,930 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Nuvalent by 57.8% in the 1st quarter. Bank of New York Mellon Corp now owns 45,656 shares of the company’s stock valued at $634,000 after purchasing an additional 16,726 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Nuvalent by 196.6% in the 1st quarter. MetLife Investment Management LLC now owns 12,959 shares of the company’s stock valued at $180,000 after purchasing an additional 8,590 shares during the last quarter. Rhumbline Advisers acquired a new stake in shares of Nuvalent in the 1st quarter valued at $211,000. Finally, BlackRock Inc. lifted its stake in shares of Nuvalent by 30.2% in the 1st quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock valued at $17,466,000 after purchasing an additional 291,821 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. BMO Capital Markets lifted their target price on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Robert W. Baird assumed coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price on the stock. JPMorgan Chase & Co. lifted 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. Finally, Wedbush reiterated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, 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 Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders have sold a total of 1,075,000 shares of company stock valued at $78,251,375 over the last quarter. 14.77% of the stock is owned by company insiders.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $62.76 on Monday. The firm’s 50-day moving average is $78.27 and its 200-day moving average is $70.97. Nuvalent, Inc. has a 52-week low of $32.06 and a 52-week high of $89.39. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -29.06 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Equities analysts predict 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.