Diadema Partners LP Makes New Investment in Nuvalent, Inc. (NASDAQ:NUVL)

Diadema Partners LP acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 14,701 shares of the company's stock, valued at approximately $1,151,000.

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

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated 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 sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's 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 transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,000 shares of company stock valued at $6,350,730. 12.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NUVL has been the subject of several research reports. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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 a consensus price target of $115.50.

Nuvalent Trading Down 0.7 %

Shares of NASDAQ NUVL traded down $0.50 during mid-day trading on Friday, reaching $73.48. The company had a trading volume of 199,070 shares, compared to its average volume of 473,574. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -21.18 and a beta of 1.43. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The business's 50-day moving average is $72.06 and its 200-day moving average is $82.53.

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). As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.