Fisher Asset Management LLC Trims Stock Position in Nuvalent, Inc. $NUVL

Fisher Asset Management LLC decreased its position in Nuvalent, Inc. (NASDAQ:NUVL) by 5.4% during the fourth quarter, Holdings Channel reports. The firm owned 100,706 shares of the company’s stock after selling 5,718 shares during the quarter. Fisher Asset Management LLC’s holdings in Nuvalent were worth $10,130,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Candriam S.C.A. raised its position in Nuvalent by 9.4% in the third quarter. Candriam S.C.A. now owns 329,721 shares of the company’s stock valued at $28,514,000 after purchasing an additional 28,462 shares during the period. Hudson Bay Capital Management LP purchased a new stake in Nuvalent in the third quarter valued at approximately $1,297,000. HighVista Strategies LLC raised its position in Nuvalent by 84.9% in the third quarter. HighVista Strategies LLC now owns 93,294 shares of the company’s stock valued at $8,068,000 after purchasing an additional 42,834 shares during the period. Aberdeen Group plc raised its position in Nuvalent by 115.4% in the fourth quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock valued at $16,615,000 after purchasing an additional 88,489 shares during the period. Finally, Cantor Fitzgerald L. P. purchased a new stake in Nuvalent in the third quarter valued at approximately $1,946,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NASDAQ:NUVL opened at $107.38 on Thursday. The firm has a market capitalization of $8.48 billion, a PE ratio of -17.72 and a beta of 1.15. The business’s fifty day moving average price is $102.56 and its 200 day moving average price is $103.08. Nuvalent, Inc. has a 12 month low of $70.25 and a 12 month high of $113.01.

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

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 3,093 shares of the company’s stock in a transaction 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 transaction, the insider owned 65,604 shares in the company, valued at $6,854,305.92. This represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $99.22, for a total transaction of $545,710.00. Following the completion of the transaction, the insider owned 59,634 shares of the company’s stock, valued at $5,916,885.48. This represents a 8.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 80,023 shares of company stock worth $8,235,217. 5.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Nuvalent in a research report on Monday, March 30th. They issued an “overweight” rating and a $116.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research report on Tuesday, April 21st. Wedbush reissued an “outperform” rating and issued a $125.00 target price on shares of Nuvalent in a research report on Wednesday, April 8th. HC Wainwright reissued a “buy” rating and issued a $155.00 target price on shares of Nuvalent in a research report on Tuesday, April 21st. Finally, Sanford C. Bernstein began coverage on Nuvalent in a research report on Thursday, May 21st. They issued an “outperform” rating and a $189.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $140.29.

Nuvalent Company 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.