Fairmount Funds Management LLC Has $103.15 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Fairmount Funds Management LLC lessened its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 21.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,317,664 shares of the company's stock after selling 369,400 shares during the period. Nuvalent accounts for 10.3% of Fairmount Funds Management LLC's portfolio, making the stock its 2nd biggest holding. Fairmount Funds Management LLC owned about 1.85% of Nuvalent worth $103,147,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of NUVL. Barclays PLC raised its holdings in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after purchasing an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after buying an additional 2,664 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Nuvalent by 46.1% in the fourth quarter. SG Americas Securities LLC now owns 10,793 shares of the company's stock valued at $845,000 after buying an additional 3,408 shares during the period. KBC Group NV boosted its stake in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Nuvalent by 21.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company's stock worth $1,089,000 after acquiring an additional 2,496 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on NUVL. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,541,404.52. The trade was a 9.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 83,000 shares of company stock valued at $6,185,150 in the last quarter. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Down 2.4 %

Shares of Nuvalent stock traded down $1.75 during midday trading on Friday, hitting $69.85. The company's stock had a trading volume of 446,261 shares, compared to its average volume of 488,233. The firm has a market capitalization of $5.00 billion, a P/E ratio of -20.13 and a beta of 1.42. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The stock has a 50-day simple moving average of $71.41 and a 200-day simple moving average of $80.41.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period last year, the firm earned ($0.69) EPS. As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.