Hsbc Holdings PLC Makes New $394,000 Investment in Nuvalent, Inc. (NASDAQ:NUVL)

Hsbc Holdings PLC purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,080 shares of the company's stock, valued at approximately $394,000.

Several other institutional investors have also recently made changes to their positions in NUVL. Vanguard Group Inc. raised its stake in shares of Nuvalent by 8.9% in the 4th 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 period. Wellington Management Group LLP increased its holdings in Nuvalent by 27.0% in the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after purchasing an additional 272,738 shares during the last quarter. Geode Capital Management LLC raised its position 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 purchasing an additional 15,878 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Nuvalent by 3.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 641,781 shares of the company's stock valued at $50,239,000 after acquiring an additional 20,648 shares during the period. Finally, Candriam S.C.A. boosted its stake in shares of Nuvalent by 15.6% in the fourth quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after purchasing an additional 49,728 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $17,170,334.28. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction of $156,860.00. Following the transaction, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock valued at $6,185,150 over the last quarter. 12.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Nuvalent Price Performance

Shares of NUVL stock traded down $1.75 during trading hours on Friday, hitting $69.85. The 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 PE ratio of -20.13 and a beta of 1.42. The stock's 50 day moving average is $71.41 and its 200 day moving average is $80.41. 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 issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the business posted ($0.69) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

About Nuvalent

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.