KLP Kapitalforvaltning AS Buys New Shares in Nuvalent, Inc. (NASDAQ:NUVL)

KLP Kapitalforvaltning AS acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,600 shares of the company’s stock, valued at approximately $595,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. Charles Schwab Investment Management Inc. boosted its holdings in Nuvalent by 19.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 315,827 shares of the company’s stock valued at $32,309,000 after purchasing an additional 50,536 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Nuvalent by 100.5% in the third quarter. The Manufacturers Life Insurance Company now owns 45,705 shares of the company’s stock worth $4,676,000 after buying an additional 22,910 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Nuvalent by 6.7% during the third quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock worth $2,019,000 after acquiring an additional 1,231 shares during the period. Walleye Capital LLC acquired a new position in Nuvalent in the third quarter valued at approximately $2,053,000. Finally, Verition Fund Management LLC purchased a new stake in Nuvalent in the 3rd quarter worth approximately $1,069,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Up 3.6 %

NUVL opened at $70.46 on Thursday. The company has a market cap of $5.04 billion, a PE ratio of -20.31 and a beta of 1.42. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The company has a 50-day moving average price of $78.02 and a 200 day moving average price of $86.95.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NUVL. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. 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, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $113.44.

Insider Activity at Nuvalent

In related news, insider Henry E. Pelish sold 2,483 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the transaction, the insider now directly owns 59,981 shares in the company, valued at approximately $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,800 shares of company stock valued at $8,437,464. 12.52% of the stock is owned by insiders.

Nuvalent Company 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.