Candriam S.C.A. Acquires 28,462 Shares of Nuvalent, Inc. $NUVL

Candriam S.C.A. boosted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 9.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 329,721 shares of the company’s stock after acquiring an additional 28,462 shares during the period. Candriam S.C.A.’s holdings in Nuvalent were worth $28,514,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Allianz Asset Management GmbH increased its position in shares of Nuvalent by 48.6% during the third quarter. Allianz Asset Management GmbH now owns 10,400 shares of the company’s stock worth $899,000 after acquiring an additional 3,400 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Nuvalent by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,290 shares of the company’s stock valued at $285,000 after purchasing an additional 234 shares during the last quarter. Arizona State Retirement System boosted its stake in Nuvalent by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 11,778 shares of the company’s stock valued at $1,019,000 after purchasing an additional 220 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Nuvalent by 18.2% during the 3rd quarter. New York State Common Retirement Fund now owns 28,062 shares of the company’s stock worth $2,427,000 after purchasing an additional 4,326 shares in the last quarter. Finally, Compass Wealth Management LLC purchased a new stake in shares of Nuvalent in the third quarter worth approximately $172,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 9,543 shares of Nuvalent stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $97.16, for a total value of $927,197.88. Following the sale, the chief executive officer owned 278,629 shares of the company’s stock, valued at approximately $27,071,593.64. The trade was a 3.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Durant Turner sold 3,181 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $97.16, for a total value of $309,065.96. Following the completion of the transaction, the insider owned 55,130 shares in the company, valued at approximately $5,356,430.80. The trade was a 5.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 871,466 shares of company stock worth $84,032,132 over the last 90 days. Corporate insiders own 10.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Guggenheim increased their price target on Nuvalent from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Barclays set a $152.00 target price on shares of Nuvalent in a report on Monday, November 17th. Leerink Partners boosted their price target on shares of Nuvalent from $140.00 to $149.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Cantor Fitzgerald initiated coverage on shares of Nuvalent in a research report on Wednesday, October 15th. They issued an “overweight” rating and a $135.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Nuvalent from $147.00 to $145.00 and set an “overweight” rating on the stock in a research report on Friday, December 19th. Fifteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $138.33.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $102.99 on Tuesday. The company has a market capitalization of $7.49 billion, a P/E ratio of -19.36 and a beta of 1.32. The company’s 50-day moving average is $104.21 and its 200 day moving average is $92.86. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $113.01.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 11th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.32). During the same period last year, the company earned ($1.28) EPS. As a group, research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.