Nuvalent, Inc. $NUVL Position Trimmed by Fisher Asset Management LLC

Fisher Asset Management LLC decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 114,761 shares of the company’s stock after selling 6,577 shares during the quarter. Fisher Asset Management LLC owned 0.16% of Nuvalent worth $8,756,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Covestor Ltd grew its holdings in shares of Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Nuvalent in the 2nd quarter valued at $88,000. Farther Finance Advisors LLC boosted its position in shares of Nuvalent by 9,230.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after purchasing an additional 1,200 shares during the period. CWM LLC increased its stake in Nuvalent by 253.8% in the 2nd quarter. CWM LLC now owns 1,486 shares of the company’s stock worth $113,000 after purchasing an additional 1,066 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Nuvalent by 38.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,632 shares of the company’s stock worth $125,000 after buying an additional 451 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling

In related news, Director James E. Flynn sold 742,574 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $95.44, for a total value of $70,871,262.56. Following the transaction, the director owned 8,299,225 shares in the company, valued at approximately $792,078,034. This represents a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 32,455 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $100.27, for a total transaction of $3,254,262.85. Following the transaction, the director directly owned 1,383,044 shares in the company, valued at approximately $138,677,821.88. The trade was a 2.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,041,074 shares of company stock worth $98,898,659. Insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Canaccord Genuity Group initiated coverage on shares of Nuvalent in a report on Wednesday, November 12th. They issued a “buy” rating and a $126.00 target price for the company. Robert W. Baird raised their price objective on shares of Nuvalent from $112.00 to $158.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 18th. Truist Financial set a $140.00 price objective on shares of Nuvalent in a research report on Monday, November 24th. Stifel Nicolaus boosted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group raised their target price on Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Fourteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.86.

Nuvalent Stock Up 1.8%

NUVL stock opened at $106.90 on Thursday. The company has a 50 day moving average of $95.36 and a two-hundred day moving average of $84.00. The company has a market cap of $7.77 billion, a price-to-earnings ratio of -20.09 and a beta of 1.31. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $112.88.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period last year, the business earned ($1.28) EPS. On average, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.