The Manufacturers Life Insurance Company Has $7.30 Million Holdings in Nuvalent, Inc. $NUVL

The Manufacturers Life Insurance Company lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,295 shares of the company’s stock after selling 6,980 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Nuvalent worth $7,304,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Quantinno Capital Management LP increased its stake in Nuvalent by 400.7% in the 1st quarter. Quantinno Capital Management LP now owns 15,162 shares of the company’s stock valued at $1,553,000 after buying an additional 12,134 shares during the last quarter. Commodore Capital LP lifted its position in Nuvalent by 51.6% during the 1st quarter. Commodore Capital LP now owns 833,600 shares of the company’s stock worth $85,402,000 after buying an additional 283,600 shares in the last quarter. Granahan Investment Management LLC boosted its stake in shares of Nuvalent by 6.9% during the 1st quarter. Granahan Investment Management LLC now owns 43,003 shares of the company’s stock worth $4,406,000 after buying an additional 2,792 shares during the last quarter. Entropy Technologies LP boosted its stake in shares of Nuvalent by 25.4% during the 1st quarter. Entropy Technologies LP now owns 8,260 shares of the company’s stock worth $846,000 after buying an additional 1,674 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Nuvalent in the 1st quarter valued at about $9,118,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Activity at Nuvalent

In other news, CFO Alexandra Balcom sold 11,430 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $123.58, for a total value of $1,412,519.40. Following the transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $10,570,168.14. This represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 2,111 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $123.81, for a total transaction of $261,362.91. Following the sale, the insider owned 63,493 shares of the company’s stock, valued at approximately $7,861,068.33. This represents a 3.22% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 90,471 shares of company stock valued at $9,762,529. 5.02% of the stock is owned by company insiders.

Nuvalent Price Performance

NASDAQ:NUVL opened at $123.96 on Thursday. Nuvalent, Inc. has a 12-month low of $71.13 and a 12-month high of $123.99. The firm has a market capitalization of $9.79 billion, a price-to-earnings ratio of -20.46 and a beta of 1.14. The stock’s 50 day moving average price is $119.28 and its two-hundred day moving average price is $108.56.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same period last year, the business earned ($1.18) earnings per share. Equities research analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Sanford C. Bernstein lowered Nuvalent from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $172.00 to $124.00 in a report on Wednesday, June 24th. Wall Street Zen raised Nuvalent to a “sell” rating in a research report on Saturday, July 18th. Wedbush cut Nuvalent from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $125.00 to $124.00 in a research note on Tuesday, June 9th. HC Wainwright downgraded Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price objective for the company. in a report on Tuesday, June 9th. Finally, Lifesci Capital cut shares of Nuvalent from an “outperform” rating to a “hold” rating and set a $124.00 target price for the company. in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $127.73.

About Nuvalent

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.