Geode Capital Management LLC Purchases 144,241 Shares of Nuvalent, Inc. $NUVL

Geode Capital Management LLC boosted its position in Nuvalent, Inc. (NASDAQ:NUVL) by 13.2% in the 4th quarter, Holdings Channel reports. The firm owned 1,238,234 shares of the company’s stock after buying an additional 144,241 shares during the quarter. Geode Capital Management LLC’s holdings in Nuvalent were worth $124,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of NUVL. AQR Capital Management LLC raised its stake in shares of Nuvalent by 64.8% during the first quarter. AQR Capital Management LLC now owns 9,874 shares of the company’s stock valued at $700,000 after acquiring an additional 3,881 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Nuvalent by 54.4% in the first quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company’s stock worth $32,171,000 after buying an additional 159,873 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Nuvalent by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company’s stock worth $10,634,000 after buying an additional 12,123 shares in the last quarter. Intech Investment Management LLC raised its stake in Nuvalent by 28.7% in the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company’s stock worth $1,366,000 after buying an additional 4,293 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in Nuvalent in the second quarter worth approximately $412,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Down 3.3%

NUVL opened at $90.95 on Friday. Nuvalent, Inc. has a twelve month low of $71.13 and a twelve month high of $113.01. The company has a 50-day moving average price of $102.57 and a 200 day moving average price of $103.11. The company has a market cap of $7.19 billion, a PE ratio of -15.01 and a beta of 1.15.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the prior year, the firm earned ($1.18) EPS. As a group, sell-side analysts expect that Nuvalent, Inc. will post -5.74 earnings per share for the current year.

Analysts Set New Price Targets

NUVL has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Nuvalent in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Nuvalent in a report on Thursday, May 28th. HC Wainwright reissued a “buy” rating and set a $155.00 price objective on shares of Nuvalent in a report on Tuesday, April 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Finally, Wells Fargo & Company started coverage on shares of Nuvalent in a report on Monday, March 30th. They set an “overweight” rating and a $116.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $141.24.

Insider Activity

In other news, insider Henry E. Pelish sold 3,093 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the sale, the insider owned 65,604 shares of the company’s stock, valued at $6,854,305.92. This represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 30,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the transaction, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at $33,036,945.51. The trade was a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 96,953 shares of company stock worth $9,956,364. Corporate insiders own 5.02% of the company’s stock.

Nuvalent Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.