E Fund Management Co. Ltd. Grows Position in Nuvalent, Inc. (NASDAQ:NUVL)

E Fund Management Co. Ltd. grew its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 53.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,213 shares of the company’s stock after buying an additional 1,460 shares during the period. E Fund Management Co. Ltd.’s holdings in Nuvalent were worth $330,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC grew its stake in Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after acquiring an additional 786,257 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Nuvalent by 111.0% in the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock valued at $30,194,000 after purchasing an additional 155,261 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $10,487,000. Finally, First Turn Management LLC lifted its position in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after buying an additional 106,838 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NUVL. HC Wainwright restated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. BMO Capital Markets upped their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and set 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, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $113.10.

Nuvalent Price Performance

NASDAQ NUVL opened at $71.07 on Friday. The stock has a market capitalization of $5.05 billion, a P/E ratio of -20.48 and a beta of 1.42. The firm’s 50-day moving average is $79.32 and its two-hundred day moving average is $88.35. Nuvalent, Inc. has a 12 month low of $61.80 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,800 shares of company stock valued at $8,895,004 over the last quarter. 12.52% of the stock is owned by company insiders.

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.