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

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

A number of other large investors also recently bought and sold shares of the business. Barclays PLC increased its stake in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after purchasing an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. increased its position in Nuvalent by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after buying an additional 2,664 shares in the last quarter. KBC Group NV raised 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 during the last quarter. Raymond James Financial Inc. bought a new stake in Nuvalent in the fourth quarter worth $10,487,000. Finally, Rhumbline Advisers grew its stake in shares of Nuvalent by 3.9% in the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock worth $3,950,000 after acquiring an additional 1,896 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm's 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 sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,000 shares of company stock worth $6,185,150. Company insiders own 12.52% of the company's stock.

Nuvalent Price Performance

Shares of NASDAQ:NUVL traded down $0.26 during midday trading on Tuesday, hitting $73.37. The company had a trading volume of 111,168 shares, compared to its average volume of 486,988. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The company has a fifty day moving average of $71.44 and a two-hundred day moving average of $80.19. The company has a market cap of $5.25 billion, a price-to-earnings ratio of -21.14 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the previous year, the company earned ($0.69) earnings per share. Research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NUVL. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. 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. Finally, Wedbush restated an "outperform" rating and issued 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 given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $115.50.

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.