Fifth Third Bancorp Acquires Shares of 23,621 Nuvalent, Inc. $NUVL

Fifth Third Bancorp acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,621 shares of the company’s stock, valued at approximately $2,420,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in NUVL. Candriam S.C.A. increased its position in shares of Nuvalent by 9.3% in the first quarter. Candriam S.C.A. now owns 391,306 shares of the company’s stock valued at $40,089,000 after acquiring an additional 33,293 shares during the period. Pictet Asset Management Holding SA increased its holdings in Nuvalent by 15.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 410,485 shares of the company’s stock valued at $42,054,000 after purchasing an additional 54,804 shares during the period. Hsbc Holdings PLC purchased a new position in Nuvalent during the 4th quarter valued at about $709,000. Seven Fleet Capital Management LP bought a new position in Nuvalent during the 4th quarter valued at approximately $1,268,000. Finally, T. Rowe Price Investment Management Inc. raised its position in Nuvalent by 29.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,319,963 shares of the company’s stock valued at $132,776,000 after purchasing an additional 298,727 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Insider Transactions at Nuvalent

In related news, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $123.58, for a total value of $1,412,519.40. Following the transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $10,570,168.14. This represents a 11.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 125,971 shares of company stock worth $13,358,939. 5.02% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NUVL shares. Leerink Partners set a $165.00 price objective on Nuvalent in a research report on Wednesday, June 3rd. Guggenheim downgraded Nuvalent from a “buy” rating to a “neutral” rating and decreased their target price for the company from $151.00 to $124.00 in a report on Wednesday, June 10th. Piper Sandler lowered Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 price target for the company. in a research note on Tuesday, June 9th. Truist Financial cut shares of Nuvalent from a “buy” rating to a “hold” rating and cut their price target for the company from $140.00 to $124.00 in a report on Tuesday, June 9th. Finally, Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a research report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of “Hold” and an average price target of $127.73.

Nuvalent Price Performance

Shares of NUVL opened at $123.96 on Wednesday. Nuvalent, Inc. has a one year low of $71.13 and a one year high of $123.99. The company has a 50-day simple moving average of $114.66 and a two-hundred day simple moving average of $106.89. The firm has a market capitalization of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last posted its earnings results 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 posted ($1.18) earnings per share. Analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

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.