Rhenman & Partners Asset Management AB Has $5.68 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Rhenman & Partners Asset Management AB trimmed its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,500 shares of the company’s stock after selling 17,500 shares during the period. Rhenman & Partners Asset Management AB owned 0.10% of Nuvalent worth $5,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in shares of Nuvalent by 32.4% during the 4th quarter. Wells Fargo & Company MN now owns 21,220 shares of the company’s stock worth $1,661,000 after buying an additional 5,195 shares during the period. Trexquant Investment LP acquired a new position in shares of Nuvalent in the 4th quarter valued at approximately $3,999,000. Headlands Technologies LLC bought a new stake in shares of Nuvalent during the 4th quarter worth approximately $275,000. Geode Capital Management LLC raised its position in Nuvalent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company’s stock valued at $68,236,000 after purchasing an additional 15,878 shares in the last quarter. Finally, Diametric Capital LP bought a new stake in shares of Nuvalent during the 4th quarter worth $212,000. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Friday, March 14th. Finally, Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.44.

Insider Activity

In other news, insider Henry E. Pelish sold 2,483 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the sale, the insider now owns 59,981 shares in the company, valued at $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 4,016 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $319,994.88. Following the sale, the chief financial officer now owns 61,734 shares of the company’s stock, valued at $4,918,965.12. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,800 shares of company stock worth $8,437,464 in the last three months. Company insiders own 12.52% of the company’s stock.

Nuvalent Trading Down 3.8 %

NUVL stock opened at $65.74 on Friday. Nuvalent, Inc. has a 1-year low of $61.80 and a 1-year high of $113.51. The stock has a 50-day moving average price of $77.38 and a 200-day moving average price of $86.50. The firm has a market cap of $4.71 billion, a PE ratio of -18.95 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.