Nuvalent, Inc. (NASDAQ:NUVL) Stock Position Increased by Silverarc Capital Management LLC

Silverarc Capital Management LLC lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 7.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 400,014 shares of the company's stock after buying an additional 28,573 shares during the quarter. Nuvalent makes up 6.8% of Silverarc Capital Management LLC's holdings, making the stock its largest holding. Silverarc Capital Management LLC owned 0.56% of Nuvalent worth $31,313,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC increased its holdings in shares of 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 purchasing an additional 40,754 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Nuvalent during the 3rd quarter worth approximately $759,000. Exome Asset Management LLC bought a new position in shares of Nuvalent during the 3rd quarter valued at approximately $2,040,000. Lord Abbett & CO. LLC grew its holdings in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after purchasing an additional 70,157 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Nuvalent by 8.3% in 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 last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the company'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 completion of the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. The trade was a 9.78 % decrease in their ownership of the stock. 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. Insiders own 12.52% of the company's stock.

Nuvalent Stock Down 1.4 %

Shares of NASDAQ NUVL traded down $1.04 during trading hours on Friday, hitting $72.94. 7,894 shares of the stock were exchanged, compared to its average volume of 472,083. The company has a market cap of $5.22 billion, a PE ratio of -20.98 and a beta of 1.43. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The firm has a fifty day moving average price of $72.17 and a 200-day moving average price of $82.73.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, equities analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NUVL shares. HC Wainwright reiterated a "buy" rating and issued 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 on the stock in a report on Friday, March 14th. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and a consensus 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.