Marshall Wace LLP Buys 219,336 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Marshall Wace LLP grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 154.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 361,040 shares of the company's stock after purchasing an additional 219,336 shares during the quarter. Marshall Wace LLP owned about 0.51% of Nuvalent worth $28,262,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NUVL. Jump Financial LLC increased its stake in shares of Nuvalent by 17.3% in the 4th quarter. Jump Financial LLC now owns 34,948 shares of the company's stock valued at $2,736,000 after acquiring an additional 5,163 shares in the last quarter. Guggenheim Capital LLC increased its stake in shares of Nuvalent by 10.4% in the 4th quarter. Guggenheim Capital LLC now owns 11,050 shares of the company's stock valued at $865,000 after acquiring an additional 1,040 shares in the last quarter. Walleye Capital LLC increased its stake in shares of Nuvalent by 147.9% in the 4th quarter. Walleye Capital LLC now owns 49,751 shares of the company's stock valued at $3,895,000 after acquiring an additional 29,680 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Nuvalent by 4.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock valued at $288,000 after purchasing an additional 167 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake in Nuvalent by 13.9% during the 4th quarter. Kennedy Capital Management LLC now owns 5,240 shares of the company's stock valued at $410,000 after purchasing an additional 640 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on NUVL shares. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush restated an "outperform" rating and set a $115.00 price target 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 given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was 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 owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,000 shares of company stock worth $6,350,730. 12.52% of the stock is owned by insiders.

Nuvalent Trading Down 0.6 %

Shares of NUVL stock traded down $0.46 during trading hours on Thursday, reaching $72.25. The company's stock had a trading volume of 66,908 shares, compared to its average volume of 473,170. The stock has a market capitalization of $5.17 billion, a P/E ratio of -20.82 and a beta of 1.43. The firm's fifty day simple moving average is $72.25 and its 200 day simple moving average is $82.93. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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). As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share 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.