E Fund Management Co. Ltd. Has $500,000 Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

E Fund Management Co. Ltd. increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 38.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,798 shares of the company’s stock after buying an additional 1,883 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Nuvalent were worth $500,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NUVL. Hudson Bay Capital Management LP increased its position in shares of Nuvalent by 43.2% during the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after buying an additional 12,955 shares during the period. Rafferty Asset Management LLC raised its holdings in Nuvalent by 18.9% in the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after purchasing an additional 15,197 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Nuvalent by 49.8% in the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after buying an additional 6,714 shares during the last quarter. Invesco Ltd. increased its stake in Nuvalent by 51.2% during the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after purchasing an additional 70,673 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Nuvalent by 196.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after acquiring an additional 131,296 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling

In other news, Director Andrew A. F. Hack sold 880,000 shares of Nuvalent stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total value of $64,037,600.00. Following the sale, the director now directly owns 2,697,267 shares of the company’s stock, valued at $196,280,119.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Andrew A. F. Hack sold 880,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total value of $64,037,600.00. Following the transaction, the director now directly owns 2,697,267 shares of the company’s stock, valued at $196,280,119.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Darlene Noci sold 20,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,581,083. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,155,000 shares of company stock worth $83,594,980. Insiders own 14.77% of the company’s stock.

Nuvalent Stock Down 1.6 %

Shares of NUVL stock traded down $1.10 during trading hours on Wednesday, hitting $67.54. 402,741 shares of the company’s stock were exchanged, compared to its average volume of 437,238. Nuvalent, Inc. has a fifty-two week low of $37.13 and a fifty-two week high of $89.39. The firm has a market cap of $4.33 billion, a P/E ratio of -31.27 and a beta of 1.35. The firm has a 50 day moving average of $74.36 and a two-hundred day moving average of $71.85.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, equities analysts forecast that Nuvalent, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Guggenheim began coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their price target for the company from $69.00 to $110.00 in a research note on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

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.