Nuvalent, Inc. $NUVL Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 38.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,300 shares of the company’s stock after purchasing an additional 5,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in Nuvalent were worth $2,384,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. FNY Investment Advisers LLC bought a new position in shares of Nuvalent in the second quarter valued at $13,455,000. GAMMA Investing LLC boosted its stake in shares of Nuvalent by 36.9% during the 2nd quarter. GAMMA Investing LLC now owns 523 shares of the company’s stock worth $65,000 after acquiring an additional 141 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Nuvalent by 20.0% during the 1st quarter. Bank of America Corp DE now owns 216,516 shares of the company’s stock worth $22,182,000 after acquiring an additional 36,147 shares in the last quarter. Tri Locum Partners LP grew its holdings in shares of Nuvalent by 0.4% in the 1st quarter. Tri Locum Partners LP now owns 308,506 shares of the company’s stock worth $31,606,000 after acquiring an additional 1,135 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Nuvalent by 141.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after acquiring an additional 195 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $123.96 on Monday. The stock has a market cap of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14. The business has a fifty day simple moving average of $123.05 and a 200-day simple moving average of $109.41. Nuvalent, Inc. has a 12 month low of $71.13 and a 12 month high of $123.99.

Analyst Ratings Changes

NUVL has been the subject of several analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $124.00 target price (up from $116.00) on shares of Nuvalent in a report on Tuesday, June 9th. Cantor Fitzgerald cut Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Guggenheim downgraded Nuvalent from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $151.00 to $124.00 in a report on Wednesday, June 10th. Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a research note on Tuesday, June 9th. Finally, Wall Street Zen upgraded shares of Nuvalent to a “sell” rating in a report on Saturday, July 18th. Four investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $127.73.

Insiders Place Their Bets

In related news, insider Henry E. Pelish sold 2,111 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $123.81, for a total value of $261,362.91. Following the completion of the sale, the insider directly owned 63,493 shares of the company’s stock, valued at approximately $7,861,068.33. This represents a 3.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $88.53, for a total value of $2,655,900.00. Following the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at $28,761,537.87. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 90,471 shares of company stock valued at $9,762,529 over the last ninety days. Corporate insiders own 5.02% of the company’s stock.

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.