Nuvalent, Inc. (NASDAQ:NUVL) is Artia Global Partners LP's 5th Largest Position

Artia Global Partners LP boosted its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1,221.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 204,045 shares of the company's stock after buying an additional 188,608 shares during the period. Nuvalent accounts for approximately 5.7% of Artia Global Partners LP's holdings, making the stock its 5th biggest position. Artia Global Partners LP owned about 0.29% of Nuvalent worth $15,973,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NUVL. Aquatic Capital Management LLC purchased a new position in shares of Nuvalent during the fourth quarter valued at about $1,411,000. Boothbay Fund Management LLC lifted its stake in Nuvalent by 5.8% in the fourth quarter. Boothbay Fund Management LLC now owns 15,307 shares of the company's stock worth $1,198,000 after purchasing an additional 839 shares during the last quarter. Nebula Research & Development LLC lifted its stake in Nuvalent by 10.3% in the fourth quarter. Nebula Research & Development LLC now owns 23,718 shares of the company's stock worth $1,857,000 after purchasing an additional 2,218 shares during the last quarter. Voya Investment Management LLC boosted its holdings in shares of Nuvalent by 2.2% in the fourth quarter. Voya Investment Management LLC now owns 112,897 shares of the company's stock valued at $8,838,000 after purchasing an additional 2,438 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its position in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock worth $53,230,000 after buying an additional 400,000 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

NUVL stock traded up $0.67 during trading on Tuesday, hitting $75.87. 427,409 shares of the company traded hands, compared to its average volume of 474,012. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The stock's 50-day simple moving average is $71.82 and its 200 day simple moving average is $82.01. The company has a market cap of $5.43 billion, a PE ratio of -21.86 and a beta of 1.43.

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

Insider Activity

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the sale, the chief executive officer now 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 sold 83,000 shares of company stock worth $6,185,150 over the last three months. Insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

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

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.