Walleye Capital LLC Buys New Position in Nuvalent, Inc. (NASDAQ:NUVL)

Walleye Capital LLC acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 20,071 shares of the company's stock, valued at approximately $2,053,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Quest Partners LLC acquired a new position in shares of Nuvalent in the second quarter valued at about $44,000. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock valued at $213,000 after acquiring an additional 382 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in shares of Nuvalent in the second quarter valued at about $218,000. Finally, Algert Global LLC acquired a new position in shares of Nuvalent in the second quarter valued at about $224,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Price Performance

Shares of NUVL traded down $0.53 during midday trading on Wednesday, hitting $94.22. 263,741 shares of the company traded hands, compared to its average volume of 434,060. The stock has a 50-day moving average of $96.54 and a 200-day moving average of $85.36. The firm has a market cap of $6.69 billion, a P/E ratio of -27.52 and a beta of 1.31. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the company posted ($0.59) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. This trade represents a 49.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $96.22, for a total value of $192,440.00. Following the completion of the transaction, the director now directly owns 222,522 shares in the company, valued at $21,411,066.84. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an "overweight" rating and a $100.00 price objective for the company. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average price target of $112.60.

Nuvalent 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.