Nuvalent, Inc. (NASDAQ:NUVL) is Affinity Asset Advisors LLC's 9th Largest Position

Affinity Asset Advisors LLC cut its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 285,000 shares of the company's stock after selling 52,500 shares during the quarter. Nuvalent comprises approximately 3.0% of Affinity Asset Advisors LLC's portfolio, making the stock its 9th largest holding. Affinity Asset Advisors LLC owned about 0.40% of Nuvalent worth $22,310,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Summit Investment Advisors Inc. lifted its stake in shares of Nuvalent by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock valued at $288,000 after purchasing an additional 167 shares during the period. Commonwealth Equity Services LLC grew its stake in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. Crowley Wealth Management Inc. acquired a new position in Nuvalent during the fourth quarter worth about $27,000. Alliancebernstein L.P. lifted its holdings in shares of Nuvalent by 1.3% in the fourth quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock valued at $3,101,000 after purchasing an additional 500 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after acquiring an additional 602 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Stock Up 2.4 %

NASDAQ NUVL traded up $1.67 during trading on Friday, hitting $71.64. The company's stock had a trading volume of 676,934 shares, compared to its average volume of 476,997. The firm has a 50 day moving average price of $73.00 and a 200 day moving average price of $83.82. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The firm has a market cap of $5.13 billion, a P/E ratio of -20.65 and a beta of 1.43.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. HC Wainwright reiterated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent presently has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on 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 owns 218,522 shares in the company, valued at $18,091,436.38. This trade represents a 0.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,000 shares of company stock valued at $6,350,730. 12.52% of the stock is owned by company insiders.

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.