Aigen Investment Management LP Purchases Shares of 4,805 Nuvalent, Inc. (NASDAQ:NUVL)

Aigen Investment Management LP acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,805 shares of the company's stock, valued at approximately $376,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NUVL. US Bancorp DE acquired a new stake in shares of Nuvalent in the 4th quarter worth approximately $90,000. KBC Group NV raised its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after purchasing an additional 602 shares in the last quarter. Portland Investment Counsel Inc. acquired a new stake in Nuvalent in the third quarter worth approximately $205,000. Creative Planning acquired a new stake in Nuvalent in the third quarter worth approximately $232,000. Finally, FORA Capital LLC acquired a new position in shares of Nuvalent during the 3rd quarter valued at $328,000. Institutional investors own 97.26% of the company's stock.

Insider Activity

In other Nuvalent news, CEO James Richard Porter sold 17,301 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,845,260.16. This represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,800 shares of company stock valued at $8,895,004. Insiders own 12.52% of the company's stock.

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Nuvalent Stock Performance

Shares of Nuvalent stock traded up $2.87 during midday trading on Tuesday, reaching $70.25. 1,074,294 shares of the company's stock traded hands, compared to its average volume of 500,538. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The company's 50 day simple moving average is $79.11 and its 200 day simple moving average is $88.28. The company has a market cap of $5.03 billion, a price-to-earnings ratio of -20.24 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. BMO Capital Markets upped their price objective on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.10.

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.