Franklin Resources Inc. Has $16.49 Million Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Franklin Resources Inc. lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 18.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,628 shares of the company’s stock after selling 35,063 shares during the period. Franklin Resources Inc. owned about 0.22% of Nuvalent worth $16,488,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank grew its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares in the last quarter. Portland Investment Counsel Inc. purchased a new stake in Nuvalent in the 3rd quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. raised its position in Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the last quarter. Finally, Creative Planning bought a new position in Nuvalent during the 3rd quarter valued at $232,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insiders Place Their Bets

In other news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total value of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. The trade was a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,085,000 shares of company stock worth $203,592,630 over the last quarter. 12.52% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NUVL. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Guggenheim upped their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. UBS Group started coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. Finally, Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Trading Down 0.5 %

Shares of NASDAQ NUVL opened at $84.22 on Friday. The stock has a fifty day simple moving average of $93.21 and a two-hundred day simple moving average of $87.07. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -24.27 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the company posted ($0.59) earnings per share. Analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current year.

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.