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

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

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Nuvalent by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,134,182 shares of the company’s stock worth $98,108,000 after buying an additional 15,722 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Nuvalent by 667.4% in the 3rd quarter. Victory Capital Management Inc. now owns 208,974 shares of the company’s stock worth $9,607,000 after buying an additional 181,741 shares during the last quarter. Invesco Ltd. grew its position in shares of Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after buying an additional 70,673 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Nuvalent by 196.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after purchasing an additional 131,296 shares during the period. Finally, Rafferty Asset Management LLC lifted its stake in shares of Nuvalent by 18.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after purchasing an additional 15,197 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $67.51, for a total value of $135,020.00. Following the completion of the transaction, the director now owns 236,522 shares in the company, valued at $15,967,600.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $67.51, for a total value of $135,020.00. Following the completion of the transaction, the director now owns 236,522 shares in the company, valued at $15,967,600.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $73.60, for a total value of $220,800.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,450,880. The disclosure for this sale can be found here. Insiders sold 1,114,500 shares of company stock worth $80,773,270 over the last quarter. 14.77% of the stock is currently owned by insiders.

Nuvalent Trading Up 2.6 %

Shares of NASDAQ:NUVL opened at $70.65 on Thursday. The stock has a fifty day simple moving average of $75.90 and a two-hundred day simple moving average of $71.25. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of -32.71 and a beta of 1.29. Nuvalent, Inc. has a 12-month low of $35.71 and a 12-month high of $89.39.

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

Wall Street Analysts Forecast Growth

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

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.