JPMorgan Chase & Co. Has $3.55 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

JPMorgan Chase & Co. boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 8.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,709 shares of the company’s stock after purchasing an additional 2,664 shares during the period. JPMorgan Chase & Co.’s holdings in Nuvalent were worth $3,551,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after buying an additional 786,257 shares during the last quarter. Wellington Management Group LLP raised its position 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 valued at $103,511,000 after acquiring an additional 400,402 shares during the last quarter. Geode Capital Management LLC grew its holdings in Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after purchasing an additional 73,429 shares during the period. Driehaus Capital Management LLC lifted its holdings in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after purchasing an additional 23,730 shares in the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Nuvalent by 8.6% during the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after acquiring an additional 49,612 shares during the period. Institutional investors own 97.26% of the company’s stock.

Insiders Place Their Bets

In related news, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This trade represents a 18.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,926,221.38. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,093,800 shares of company stock worth $203,221,944 over the last three months. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Down 0.2 %

Nuvalent stock opened at $75.84 on Friday. The stock’s 50 day moving average is $86.35 and its 200 day moving average is $87.26. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a market capitalization of $5.39 billion, a P/E ratio of -21.86 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the company posted ($0.59) EPS. As a group, equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Friday. Finally, BMO Capital Markets lifted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $112.36.

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.