Parkman Healthcare Partners LLC Has $1.85 Million Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Parkman Healthcare Partners LLC lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 0.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 23,588 shares of the company’s stock after acquiring an additional 188 shares during the quarter. Parkman Healthcare Partners LLC’s holdings in Nuvalent were worth $1,846,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after acquiring an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock worth $101,601,000 after acquiring an additional 215,633 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock worth $100,557,000 after acquiring an additional 272,738 shares in the last quarter. Boxer Capital Management LLC bought a new stake in shares of Nuvalent during the fourth quarter worth about $87,689,000. Finally, Geode Capital Management LLC increased its position in shares of Nuvalent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company’s stock worth $68,236,000 after acquiring an additional 15,878 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $19,541,404.52. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock valued at $6,185,150 in the last quarter. Insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $71.42 on Wednesday. The company’s fifty day moving average price is $71.41 and its 200-day moving average price is $80.13. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of -20.58 and a beta of 1.42. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the company earned ($0.69) EPS. As a group, equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group upgraded shares of 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. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Nuvalent 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.