Fifth Third Bancorp Acquires New Holdings in Nuvalent, Inc. $NUVL

Key Points

• Fifth Third Bancorp disclosed a new first-quarter position in Nuvalent, buying 23,621 shares worth about $2.42 million.
• Nuvalent has heavy institutional ownership, with 97.26% of the stock held by hedge funds and other institutional investors. Several other firms also added to or initiated positions recently.
• Insiders have been selling shares, including CEO James Richard Porter and insider Deborah Ann Miller, while analysts have turned more cautious, leaving Nuvalent with a Hold consensus rating and a $127.73 average price target.

Fifth Third Bancorp bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,621 shares of the company's stock, valued at approximately $2,420,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Nuvalent by 47.6% during the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company's stock valued at $34,000 after purchasing an additional 108 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Nuvalent in the fourth quarter worth $125,000. KBC Group NV raised its position in shares of Nuvalent by 24.1% in the fourth quarter. KBC Group NV now owns 1,527 shares of the company's stock worth $154,000 after buying an additional 297 shares in the last quarter. Portland Investment Counsel Inc. purchased a new stake in shares of Nuvalent in the fourth quarter worth $201,000. Finally, Swiss Life Asset Management Ltd bought a new stake in Nuvalent during the fourth quarter valued at $202,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 30,000 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $101.69, for a total value of $3,050,700.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares in the company, valued at approximately $33,036,945.51. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the company's stock in a transaction 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 sale, the insider directly owned 59,634 shares of the company's stock, valued at $6,430,930.56. This trade represents a 8.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 125,971 shares of company stock valued at $13,358,939. 5.02% of the stock is owned by insiders.

Nuvalent Price Performance

Shares of NUVL stock opened at $123.96 on Wednesday. The business has a 50-day moving average price of $114.66 and a two-hundred day moving average price of $106.89. Nuvalent, Inc. has a 12-month low of $71.13 and a 12-month high of $123.99. The firm has a market cap of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the previous year, the company posted ($1.18) earnings per share. As a group, research analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of research analyst reports. TD Cowen lowered Nuvalent from a "buy" rating to a "hold" rating and set a $124.00 target price on the stock. in a research note on Tuesday, June 9th. Guggenheim downgraded Nuvalent from a "buy" rating to a "neutral" rating and dropped their price target for the company from $151.00 to $124.00 in a research report on Wednesday, June 10th. Canaccord Genuity Group lowered Nuvalent from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 9th. HC Wainwright cut shares of Nuvalent from a "buy" rating to a "neutral" rating and set a $124.00 price objective on the stock. in a research report on Tuesday, June 9th. Finally, Raymond James Financial downgraded shares of Nuvalent from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $127.73.

Nuvalent 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.

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