KLP Kapitalforvaltning AS Buys 1,600 Shares of Nuvalent, Inc. $NUVL

KLP Kapitalforvaltning AS grew its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 23.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,400 shares of the company’s stock after acquiring an additional 1,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Nuvalent were worth $641,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NUVL. CWM LLC increased its holdings in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after acquiring an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent during the first quarter valued at $38,000. Covestor Ltd increased its holdings in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after acquiring an additional 861 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Nuvalent by 10.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after acquiring an additional 161 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Up 2.3%

Nuvalent stock opened at $92.52 on Friday. The business has a 50-day simple moving average of $80.32 and a two-hundred day simple moving average of $76.93. The company has a market cap of $6.67 billion, a P/E ratio of -18.88 and a beta of 1.30. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $104.81.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same quarter last year, the company posted ($0.88) earnings per share. Research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company’s stock, valued at $22,572,489.06. The trade was a 9.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $88.51, for a total value of $1,770,200.00. Following the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,464,076.34. The trade was a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,771 shares of company stock valued at $16,298,129 in the last 90 days. Corporate insiders own 10.20% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Cantor Fitzgerald initiated coverage on Nuvalent in a report on Wednesday. They issued an “overweight” rating and a $135.00 price objective for the company. Raymond James Financial initiated coverage on Nuvalent in a report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price objective for the company. The Goldman Sachs Group upgraded Nuvalent to a “strong-buy” rating in a report on Monday, June 30th. Finally, Leerink Partners lifted their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $120.00.

Nuvalent Company 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.