Adage Capital Partners GP L.L.C. Raises Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Adage Capital Partners GP L.L.C. lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 142.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 680,000 shares of the company's stock after acquiring an additional 400,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.96% of Nuvalent worth $53,230,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Syon Capital LLC bought a new stake in shares of Nuvalent during the fourth quarter valued at about $254,000. Price T Rowe Associates Inc. MD grew its position in Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares during the last quarter. Silverarc Capital Management LLC boosted its position in Nuvalent by 7.7% during the fourth quarter. Silverarc Capital Management LLC now owns 400,014 shares of the company's stock valued at $31,313,000 after buying an additional 28,573 shares during the period. Diadema Partners LP bought a new position in shares of Nuvalent during the fourth quarter valued at about $1,151,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Nuvalent in the fourth quarter worth about $394,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Trading Up 2.3 %

NASDAQ:NUVL traded up $1.72 during trading hours on Monday, hitting $75.20. 282,517 shares of the stock were exchanged, compared to its average volume of 473,783. The firm's fifty day moving average price is $72.06 and its 200 day moving average price is $82.26. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The company has a market cap of $5.38 billion, a P/E ratio of -21.67 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results 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). Equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NUVL. 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. Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. One research 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. This trade represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock valued at $6,185,150 over the last quarter. 12.52% of the stock is owned by company insiders.

About Nuvalent

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.