BNP Paribas Financial Markets Has $17.51 Million Stake in Nuvalent, Inc. $NUVL

BNP Paribas Financial Markets increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 26.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 174,066 shares of the company’s stock after acquiring an additional 36,121 shares during the period. BNP Paribas Financial Markets’ holdings in Nuvalent were worth $17,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NUVL. RA Capital Management L.P. acquired a new stake in shares of Nuvalent during the third quarter worth $107,794,000. Wellington Management Group LLP grew its position in Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after purchasing an additional 724,491 shares in the last quarter. Vanguard Group Inc. grew its position in Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after purchasing an additional 639,264 shares in the last quarter. Norges Bank bought a new position in Nuvalent in the fourth quarter valued at $57,763,000. Finally, Polar Capital Holdings Plc grew its position in Nuvalent by 25.3% in the third quarter. Polar Capital Holdings Plc now owns 1,022,225 shares of the company’s stock valued at $88,402,000 after purchasing an additional 206,138 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Shares of NUVL stock opened at $90.95 on Friday. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of -15.01 and a beta of 1.15. The company has a 50-day simple moving average of $102.57 and a 200 day simple moving average of $103.11. Nuvalent, Inc. has a 52 week low of $71.13 and a 52 week high of $113.01.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period last year, the company earned ($1.18) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -5.74 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 3,093 shares of Nuvalent stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the sale, the insider owned 65,604 shares in the company, valued at $6,854,305.92. The trade was a 4.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 11,430 shares of Nuvalent stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $98.69, for a total transaction of $1,128,026.70. Following the completion of the sale, the chief financial officer owned 85,533 shares of the company’s stock, valued at $8,441,251.77. This trade represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 96,953 shares of company stock worth $9,956,364 over the last quarter. Company insiders own 5.02% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Nuvalent in a research report on Thursday, May 21st. They issued an “outperform” rating and a $189.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Nuvalent in a research report on Tuesday. Wedbush reissued an “outperform” rating and issued a $125.00 price objective on shares of Nuvalent in a research report on Thursday, May 28th. Leerink Partners set a $165.00 price objective on shares of Nuvalent in a research report on Wednesday. Finally, Wells Fargo & Company assumed coverage on shares of Nuvalent in a research report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $141.24.

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.