Hsbc Holdings PLC Trims Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Hsbc Holdings PLC lessened its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 31.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,701 shares of the company’s stock after selling 1,224 shares during the period. Hsbc Holdings PLC’s holdings in Nuvalent were worth $203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in NUVL. Vanguard Group Inc. lifted its stake in shares of Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the period. Perceptive Advisors LLC raised its position in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares during the period. Darwin Global Management Ltd. boosted its stake in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after acquiring an additional 1,379,266 shares in the last quarter. Commodore Capital LP grew its position in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $79.59, for a total value of $159,180.00. Following the completion of the transaction, the director now directly owns 230,522 shares in the company, valued at approximately $18,347,245.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the transaction, the director now owns 230,522 shares of the company’s stock, valued at $18,347,245.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $73.23, for a total transaction of $219,690.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,438,559. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,629 shares of company stock valued at $10,494,558. 12.52% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on NUVL. JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Barclays assumed coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. Wedbush upped their price target on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.78.

Nuvalent Price Performance

NUVL stock opened at $104.93 on Friday. Nuvalent, Inc. has a 1 year low of $49.02 and a 1 year high of $113.51. The firm has a market capitalization of $6.77 billion, a PE ratio of -43.54 and a beta of 1.29. The business has a 50 day simple moving average of $86.56 and a 200-day simple moving average of $77.79.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period last year, the business earned ($0.51) earnings per share. On average, equities research analysts expect that Nuvalent, Inc. will post -3.55 EPS 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.