Rhumbline Advisers Has $3.95 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Rhumbline Advisers lifted its position in Nuvalent, Inc. (NASDAQ:NUVL) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,454 shares of the company’s stock after purchasing an additional 1,896 shares during the quarter. Rhumbline Advisers owned 0.07% of Nuvalent worth $3,950,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. FMR LLC grew 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 purchasing an additional 786,257 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Nuvalent by 65.5% during the third 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 holdings in shares of Nuvalent by 111.0% during the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock worth $30,194,000 after purchasing an additional 155,261 shares during the last quarter. First Turn Management LLC grew its holdings in shares of 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 purchasing an additional 106,838 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after purchasing an additional 73,429 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $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 accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the transaction, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock valued at $8,895,004 over the last ninety days. 12.52% of the stock is currently owned by insiders.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $74.98 on Friday. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The stock’s 50-day moving average is $80.38 and its 200 day moving average is $88.27. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of -21.61 and a beta of 1.38.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on NUVL shares. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a report on Friday, January 17th. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

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.