Norges Bank Invests $57.76 Million in Nuvalent, Inc. $NUVL

Norges Bank acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 574,242 shares of the company’s stock, valued at approximately $57,763,000. Norges Bank owned about 0.79% of Nuvalent at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of NUVL. RA Capital Management L.P. acquired a new stake in shares of Nuvalent in the third quarter worth $107,794,000. Wellington Management Group LLP grew its stake in shares of Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after acquiring an additional 724,491 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after acquiring an additional 639,264 shares during the last quarter. Polar Capital Holdings Plc grew its stake in shares of Nuvalent by 25.3% in the third quarter. Polar Capital Holdings Plc now owns 1,022,225 shares of the company’s stock worth $88,402,000 after acquiring an additional 206,138 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Nuvalent by 72.8% in the second quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company’s stock worth $36,955,000 after acquiring an additional 204,002 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $101.69, for a total value of $3,050,700.00. Following the sale, the chief executive officer directly owned 324,879 shares in the company, valued at $33,036,945.51. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the insider owned 65,604 shares in the company, valued at $6,854,305.92. This trade represents a 4.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 96,953 shares of company stock valued at $9,956,364. 5.02% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Leerink Partners set a $165.00 price objective on Nuvalent in a research report on Wednesday. HC Wainwright restated a “buy” rating and set a $155.00 price objective on shares of Nuvalent in a research report on Tuesday, April 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Nuvalent in a research report on Tuesday, June 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a research report on Tuesday, April 21st. Finally, Wells Fargo & Company assumed coverage on Nuvalent in a research report on Monday, March 30th. They set an “overweight” rating and a $116.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $141.24.

Nuvalent Stock Performance

NUVL opened at $90.95 on Monday. The stock has a market cap of $7.19 billion, a PE ratio of -15.01 and a beta of 1.15. Nuvalent, Inc. has a 1 year low of $71.13 and a 1 year high of $113.01. The stock’s 50 day simple moving average is $102.57 and its 200-day simple moving average is $103.08.

Nuvalent (NASDAQ:NUVL) last announced its quarterly 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 quarter in the previous year, the company posted ($1.18) earnings per share. Equities analysts forecast that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.

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.