Norges Bank Invests $57.76 Million in Nuvalent, Inc. $NUVL

Norges Bank bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the 4th quarter, Holdings Channel reports. The firm bought 574,242 shares of the company’s stock, valued at approximately $57,763,000.

Several other large investors also recently made changes to their positions in NUVL. GAMMA Investing LLC grew its holdings in shares of Nuvalent by 47.6% during the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Nuvalent during the third quarter worth $38,000. NBC Securities Inc. bought a new stake in shares of Nuvalent during the fourth quarter worth $125,000. KBC Group NV grew its holdings in shares of Nuvalent by 24.1% during the fourth quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after purchasing an additional 297 shares during the last quarter. Finally, Compass Wealth Management LLC bought a new stake in shares of Nuvalent during the third quarter worth $172,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NUVL opened at $90.95 on Monday. The company has a market cap of $7.19 billion, a price-to-earnings ratio of -15.01 and a beta of 1.15. The firm has a 50 day simple moving average of $102.57 and a 200 day simple moving average of $103.08. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $113.01.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same period last year, the company earned ($1.18) EPS. As a group, analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current year.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the transaction, the chief executive officer owned 324,879 shares in the company, valued at approximately $33,036,945.51. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $105.21, for a total value of $1,202,550.30. Following the transaction, the chief financial officer owned 85,533 shares in the company, valued at approximately $8,998,926.93. This trade represents a 11.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 96,953 shares of company stock worth $9,956,364 in the last ninety days. 5.02% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NUVL has been the topic of several research analyst reports. Sanford C. Bernstein initiated coverage on Nuvalent in a report on Thursday, May 21st. They set an “outperform” rating and a $189.00 target price on the stock. Wells Fargo & Company initiated coverage on Nuvalent in a report on Monday, March 30th. They set an “overweight” rating and a $116.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Leerink Partners set a $165.00 target price on Nuvalent in a report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $155.00 price target on shares of Nuvalent in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.24.

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.