Virtu Financial LLC Decreases Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Virtu Financial LLC reduced its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 56.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,200 shares of the company's stock after selling 4,217 shares during the period. Virtu Financial LLC's holdings in Nuvalent were worth $250,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in shares of Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock valued at $103,511,000 after purchasing an additional 400,402 shares during the last quarter. Geode Capital Management LLC raised its holdings in Nuvalent by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company's stock worth $87,546,000 after purchasing an additional 73,429 shares in the last quarter. Fred Alger Management LLC lifted its holdings in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company's stock worth $64,218,000 after buying an additional 49,612 shares during the period. Candriam S.C.A. lifted its stake in shares of Nuvalent by 15.6% in the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after purchasing an additional 49,728 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Nuvalent by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock valued at $25,329,000 after buying an additional 7,742 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 4,016 shares of Nuvalent stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the sale, the chief financial officer now directly owns 61,734 shares of the company's stock, valued at approximately $4,918,965.12. The trade was a 6.11 % 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, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,800 shares of company stock worth $8,437,464 in the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on NUVL. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright restated a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note 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 research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and a consensus price target of $113.44.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $2.46 during midday trading on Wednesday, reaching $70.46. The stock had a trading volume of 495,720 shares, compared to its average volume of 472,975. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51. The stock has a 50-day moving average of $78.02 and a 200-day moving average of $86.95. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of -20.31 and a beta of 1.42.

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

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.