Nuvalent, Inc. (NASDAQ:NUVL) Stock Position Trimmed by Bain Capital Life Sciences Investors LLC

Bain Capital Life Sciences Investors LLC trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 46.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,447,267 shares of the company's stock after selling 1,250,000 shares during the quarter. Nuvalent accounts for approximately 13.3% of Bain Capital Life Sciences Investors LLC's holdings, making the stock its 2nd largest position. Bain Capital Life Sciences Investors LLC owned approximately 2.04% of Nuvalent worth $113,292,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. Crowley Wealth Management Inc. bought a new position in Nuvalent in the fourth quarter worth approximately $27,000. US Bancorp DE purchased a new stake in shares of Nuvalent in the 4th quarter worth $90,000. KBC Group NV raised its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after purchasing an additional 602 shares during the period. Commonwealth Equity Services LLC lifted its position in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after purchasing an additional 309 shares in the last quarter. Finally, Diametric Capital LP bought a new stake in Nuvalent during the fourth quarter valued at about $212,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Price Performance

Shares of NUVL stock traded down $0.50 during mid-day trading on Friday, hitting $73.48. The company had a trading volume of 199,070 shares, compared to its average volume of 472,833. The stock's 50 day moving average price is $72.17 and its 200-day moving average price is $82.73. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The company has a market capitalization of $5.26 billion, a P/E ratio of -21.18 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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 research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, February 24th. The shares were 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 directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,000 shares of company stock worth $6,350,730 in the last quarter. 12.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NUVL shares. 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. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent presently has a consensus 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.