Nuvalent, Inc. (NASDAQ:NUVL) Holdings Lifted by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. grew its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 38.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,798 shares of the company’s stock after purchasing an additional 1,883 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Nuvalent were worth $500,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Compass Wealth Management LLC bought a new stake in Nuvalent during the 4th quarter valued at $63,000. China Universal Asset Management Co. Ltd. grew its position in Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after buying an additional 654 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after buying an additional 750 shares during the period. High Net Worth Advisory Group LLC bought a new stake in shares of Nuvalent during the 4th quarter worth about $221,000. Finally, Amalgamated Bank boosted its holdings in shares of Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after acquiring an additional 285 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Price Performance

NASDAQ NUVL traded down $1.10 on Wednesday, hitting $67.54. 402,741 shares of the company were exchanged, compared to its average volume of 437,238. Nuvalent, Inc. has a twelve month low of $37.13 and a twelve month high of $89.39. The company’s 50 day moving average price is $74.36 and its 200-day moving average price is $71.85. The firm has a market capitalization of $4.33 billion, a P/E ratio of -31.27 and a beta of 1.35.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, equities analysts expect that Nuvalent, Inc. will post -2.89 EPS for the current year.

Insider Activity

In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $69.48, for a total transaction of $2,605,500.00. Following the transaction, the director now directly owns 1,462,198 shares of the company’s stock, valued at $101,593,517.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $69.48, for a total transaction of $2,605,500.00. Following the transaction, the director now directly owns 1,462,198 shares of the company’s stock, valued at $101,593,517.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Deborah Ann Miller sold 22,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $75.20, for a total transaction of $1,654,400.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,504,160. The disclosure for this sale can be found here. Insiders sold 1,155,000 shares of company stock worth $83,594,980 over the last quarter. Corporate insiders own 14.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wedbush reissued an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. BMO Capital Markets raised their target price on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Jefferies Financial Group started coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target on the stock. Finally, Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.78.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.