MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 4.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,047 shares of the company’s stock after acquiring an additional 1,273 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Nuvalent were worth $2,429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after buying an additional 366,239 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock worth $101,601,000 after buying an additional 215,633 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock worth $100,557,000 after buying an additional 272,738 shares during the last quarter. Boxer Capital Management LLC purchased a new position in shares of Nuvalent during the fourth quarter worth about $87,689,000. Finally, Geode Capital Management LLC grew its holdings in shares of Nuvalent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company’s stock worth $68,236,000 after buying an additional 15,878 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Down 2.9%

NUVL stock opened at $73.66 on Thursday. The firm has a 50 day moving average of $71.52 and a 200-day moving average of $79.49. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The company has a market cap of $5.27 billion, a price-to-earnings ratio of -21.23 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the business posted ($0.69) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,896,333.94. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock worth $4,066,730 in the last ninety days. Insiders own 12.52% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.50.

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.