Nuvalent, Inc. $NUVL Holdings Raised by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 38.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,300 shares of the company’s stock after buying an additional 5,400 shares during the period. Handelsbanken Fonder AB’s holdings in Nuvalent were worth $2,384,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NUVL. RA Capital Management L.P. acquired a new position in shares of Nuvalent in the third quarter worth $107,794,000. Wellington Management Group LLP boosted its position in Nuvalent by 46.0% during the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after purchasing an additional 724,491 shares during the last quarter. Vanguard Group Inc. grew its stake in Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after purchasing an additional 639,264 shares in the last quarter. Norges Bank purchased a new position in Nuvalent in the fourth quarter valued at about $57,763,000. Finally, JPMorgan Chase & Co. increased its position in Nuvalent by 32.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after purchasing an additional 545,542 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 11,430 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $123.58, for a total value of $1,412,519.40. Following the completion of the sale, the chief financial officer directly owned 85,533 shares in the company, valued at approximately $10,570,168.14. The trade was a 11.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Deborah Ann Miller sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the sale, the insider owned 59,634 shares of the company’s stock, valued at approximately $6,430,930.56. This trade represents a 8.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 90,471 shares of company stock worth $9,762,529. Insiders own 5.02% of the company’s stock.

Analysts Set New Price Targets

NUVL has been the subject of a number of recent research reports. Canaccord Genuity Group downgraded Nuvalent from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Stifel Nicolaus set a $124.00 price target on Nuvalent in a research note on Tuesday, June 9th. Raymond James Financial downgraded Nuvalent from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 9th. Sanford C. Bernstein lowered shares of Nuvalent from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $172.00 to $124.00 in a research report on Wednesday, June 24th. Finally, Leerink Partners set a $165.00 target price on shares of Nuvalent in a research note on Wednesday, June 3rd. Four research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Nuvalent currently has an average rating of “Hold” and an average price target of $127.73.

Nuvalent Price Performance

NASDAQ NUVL opened at $123.96 on Monday. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $123.99. The stock’s 50-day moving average is $123.05 and its two-hundred day moving average is $109.41. The firm has a market cap of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14.

Nuvalent Company Profile

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.