Polar Capital Holdings Plc Boosts Position in Nuvalent, Inc. $NUVL

Polar Capital Holdings Plc lifted its position in Nuvalent, Inc. (NASDAQ:NUVL) by 50.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,536,859 shares of the company’s stock after purchasing an additional 514,634 shares during the quarter. Polar Capital Holdings Plc owned about 2.11% of Nuvalent worth $154,593,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Nuvalent by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after purchasing an additional 639,264 shares during the period. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 46.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after buying an additional 724,491 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after buying an additional 545,542 shares during the last quarter. State Street Corp raised its position in shares of Nuvalent by 18.4% during the 4th quarter. State Street Corp now owns 1,864,675 shares of the company’s stock valued at $187,568,000 after buying an additional 289,928 shares during the period. Finally, Commodore Capital LP raised its position in shares of Nuvalent by 1.8% during the 3rd quarter. Commodore Capital LP now owns 1,400,000 shares of the company’s stock valued at $121,072,000 after buying an additional 25,000 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Stock Up 0.0%

Shares of NASDAQ NUVL opened at $123.39 on Wednesday. The business’s 50 day moving average is $104.93 and its two-hundred day moving average is $103.61. Nuvalent, Inc. has a 52-week low of $71.13 and a 52-week high of $123.62. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of -20.36 and a beta of 1.15.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data 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 last year, the business earned ($1.18) earnings per share. Analysts anticipate that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $88.53, for a total transaction of $2,655,900.00. Following the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at approximately $28,761,537.87. This represents a 8.45% 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 the SEC website. Also, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $107.84, for a total transaction of $593,120.00. Following the completion of the transaction, the insider directly owned 59,634 shares of the company’s stock, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 126,953 shares of company stock valued at $12,612,264. Insiders own 5.02% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NUVL. HC Wainwright lowered Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price objective for the company. in a research report on Tuesday, June 9th. TD Cowen downgraded Nuvalent from a “buy” rating to a “hold” rating and set a $124.00 target price on the stock. in a research report on Tuesday, June 9th. Truist Financial lowered Nuvalent from a “buy” rating to a “hold” rating and decreased their price target for the company from $140.00 to $124.00 in a research note on Tuesday, June 9th. Cantor Fitzgerald downgraded Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. Finally, Leerink Partners set a $165.00 price objective on shares of Nuvalent in a report on Wednesday, June 3rd. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $131.15.

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.