Nuvalent, Inc. (NASDAQ:NUVL) Position Lifted by Walleye Capital LLC

Walleye Capital LLC increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 147.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,751 shares of the company's stock after purchasing an additional 29,680 shares during the quarter. Walleye Capital LLC owned approximately 0.07% of Nuvalent worth $3,895,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. purchased a new stake in Nuvalent in the 4th quarter valued at $27,000. US Bancorp DE acquired a new stake in Nuvalent during the 4th quarter worth approximately $90,000. KBC Group NV raised its stake in shares of 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 purchasing an additional 602 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of 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 purchasing an additional 309 shares during the period. Finally, Diametric Capital LP purchased a new position in Nuvalent in the 4th quarter valued at $212,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Nuvalent stock traded up $0.92 during trading on Tuesday, reaching $70.87. The company had a trading volume of 105,362 shares, compared to its average volume of 472,484. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of -20.42 and a beta of 1.43. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The stock's 50 day moving average price is $72.55 and its two-hundred day moving average price is $83.08.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $82.79, for a total value of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares of the company's stock, valued at $18,091,436.38. This represents 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 at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now owns 249,062 shares in the company, 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 85,000 shares of company stock valued at $6,350,730 over the last ninety days. Corporate insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reissued a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $115.50.

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.