Rhenman & Partners Asset Management AB Sells 17,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Rhenman & Partners Asset Management AB decreased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 19.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,500 shares of the company's stock after selling 17,500 shares during the period. Rhenman & Partners Asset Management AB owned 0.10% of Nuvalent worth $5,675,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of NUVL. Crowley Wealth Management Inc. purchased a new stake in shares of Nuvalent during the fourth quarter valued at approximately $27,000. US Bancorp DE purchased a new stake in shares of Nuvalent during the 4th quarter valued at $90,000. KBC Group NV raised its stake in shares of Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after purchasing an additional 602 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Nuvalent by 13.4% in the 4th 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 position in shares of Nuvalent in the 4th quarter worth about $212,000. 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 business's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now owns 218,522 shares in the company, valued at $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $18,896,333.94. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,000 shares of company stock valued at $6,541,080. 12.52% of the stock is currently owned by corporate insiders.

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Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised 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 equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and a consensus price target of $113.44.

Nuvalent Price Performance

Shares of NUVL traded down $4.45 during midday trading on Thursday, hitting $60.25. 349,138 shares of the company traded hands, compared to its average volume of 476,022. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The firm has a market cap of $4.31 billion, a P/E ratio of -17.26 and a beta of 1.43. The stock has a 50-day moving average of $75.09 and a 200-day moving average of $85.05.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Sell-side 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.