Geode Capital Management LLC Purchases 15,878 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Geode Capital Management LLC lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 871,488 shares of the company's stock after purchasing an additional 15,878 shares during the quarter. Geode Capital Management LLC owned about 1.23% of Nuvalent worth $68,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the fourth quarter worth about $27,000. US Bancorp DE acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $90,000. KBC Group NV grew its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after buying an additional 602 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after acquiring an additional 309 shares in the last quarter. Finally, Diametric Capital LP bought a new position in shares of Nuvalent in the fourth quarter worth $212,000. Institutional investors own 97.26% of the company's stock.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,000 shares of company stock worth $6,350,730 in the last ninety days. Company insiders own 12.52% of the company's stock.

Wall Street Analyst Weigh In

NUVL has been the subject of several research analyst reports. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Trading Up 2.4 %

Shares of NUVL traded up $1.67 during midday trading on Friday, hitting $71.64. The stock had a trading volume of 676,934 shares, compared to its average volume of 477,585. The firm has a market cap of $5.13 billion, a P/E ratio of -20.65 and a beta of 1.43. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The business has a 50-day simple moving average of $73.00 and a two-hundred day simple moving average of $83.82.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Nuvalent 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.