Trexquant Investment LP Purchases New Position in Nuvalent, Inc. (NASDAQ:NUVL)

Trexquant Investment LP bought a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 51,090 shares of the company's stock, valued at approximately $3,999,000. Trexquant Investment LP owned about 0.07% of Nuvalent at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new stake in Nuvalent in the 3rd quarter valued at approximately $1,255,000. Lord Abbett & CO. LLC grew its stake in shares of Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock worth $31,546,000 after purchasing an additional 70,157 shares during the last quarter. Barclays PLC grew its position in Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after buying an additional 40,754 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after purchasing an additional 2,664 shares during the period. Finally, KBC Group NV raised its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after buying an additional 602 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUVL has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $113.44.

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Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $18,926,221.38. The trade was a 9.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now directly owns 218,522 shares of the company's stock, valued at $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,000 shares of company stock worth $6,541,080 over the last three months. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

Shares of NUVL traded down $5.76 during mid-day trading on Thursday, hitting $58.94. The company's stock had a trading volume of 159,505 shares, compared to its average volume of 475,117. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The stock's 50-day moving average is $75.09 and its two-hundred day moving average is $85.05. The firm has a market capitalization of $4.22 billion, a PE ratio of -17.02 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.