Empowered Funds LLC Takes $1.50 Million Position in Nuvalent, Inc. $NUVL

Empowered Funds LLC acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL) in the first quarter, Holdings Channel.com reports. The fund acquired 14,648 shares of the company’s stock, valued at approximately $1,501,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. RA Capital Management L.P. purchased a new position in Nuvalent during the third quarter worth about $107,794,000. Wellington Management Group LLP grew its stake in shares of Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after buying an additional 724,491 shares during the period. Vanguard Group Inc. grew its stake in shares of Nuvalent by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after buying an additional 639,264 shares during the period. Norges Bank acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $57,763,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after buying an additional 545,542 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Nuvalent stock opened at $123.96 on Friday. The company’s 50 day simple moving average is $119.84 and its 200-day simple moving average is $108.81. Nuvalent, Inc. has a 1 year low of $71.13 and a 1 year high of $123.99. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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 in the previous year, the firm earned ($1.18) EPS. Equities analysts expect that Nuvalent, Inc. will post -5.74 earnings per share for the current year.

Insider Transactions at Nuvalent

In related news, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $107.84, for a total transaction of $593,120.00. Following the sale, the insider directly owned 59,634 shares of the company’s stock, valued at $6,430,930.56. This represents a 8.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 11,430 shares of the company’s stock in a transaction 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 sale, the chief financial officer directly owned 85,533 shares in the company, valued at $10,570,168.14. This represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 90,471 shares of company stock valued at $9,762,529 over the last three months. 5.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on NUVL shares. Wells Fargo & Company reiterated an “equal weight” rating and issued a $124.00 price objective (up from $116.00) on shares of Nuvalent in a report on Tuesday, June 9th. Robert W. Baird set a $122.85 target price on Nuvalent in a research note on Tuesday, June 9th. Wall Street Zen upgraded Nuvalent to a “sell” rating in a research report on Saturday, July 18th. Raymond James Financial lowered Nuvalent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 9th. Finally, Canaccord Genuity Group cut Nuvalent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Hold” and an average price target of $127.73.

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.