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

Fairmount Funds Management LLC lessened its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 21.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,317,664 shares of the company's stock after selling 369,400 shares during the period. Nuvalent accounts for about 10.3% of Fairmount Funds Management LLC's portfolio, making the stock its 2nd largest position. Fairmount Funds Management LLC owned 1.85% of Nuvalent worth $103,147,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after acquiring an additional 366,239 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after acquiring an additional 272,738 shares during the last quarter. Boxer Capital Management LLC acquired a new position in Nuvalent in the fourth quarter valued at about $87,689,000. Finally, Geode Capital Management LLC lifted its stake in Nuvalent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company's stock valued at $68,236,000 after buying an additional 15,878 shares during the period. Institutional investors own 97.26% of the company's stock.

Nuvalent Trading Down 1.9%

Shares of NASDAQ NUVL traded down $1.39 during mid-day trading on Tuesday, reaching $72.24. 258,362 shares of the company's stock were exchanged, compared to its average volume of 487,548. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -20.82 and a beta of 1.42. The business has a fifty day simple moving average of $71.44 and a 200 day simple moving average of $80.19. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data 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 company posted ($0.69) earnings per share. Equities research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. HC Wainwright reissued a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $115.50.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,896,333.94. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is owned by corporate insiders.

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.