Osterweis Capital Management Inc. Makes New Investment in Nuvalent, Inc. (NASDAQ:NUVL)

Osterweis Capital Management Inc. purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 111,065 shares of the company's stock, valued at approximately $8,694,000. Osterweis Capital Management Inc. owned about 0.16% of Nuvalent as of its most recent SEC filing.

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

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the sale, the director now directly owns 218,522 shares in the company, valued at $18,091,436.38. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,000 shares of company stock worth $6,350,730 over the last 90 days. 12.52% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. UBS Group raised 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Nuvalent presently has an average rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Stock Performance

Shares of NUVL traded up $1.83 during midday trading on Tuesday, hitting $71.78. 154,756 shares of the stock were exchanged, compared to its average volume of 473,065. The firm has a market cap of $5.14 billion, a P/E ratio of -20.69 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 stock has a fifty day simple moving average of $72.55 and a 200 day simple moving average of $83.08.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (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 EPS for the current fiscal year.

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.