Algert Global LLC Makes New $1.54 Million Investment in Nuvalent, Inc. (NASDAQ:NUVL)

Algert Global LLC bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,650 shares of the company's stock, valued at approximately $1,538,000.

A number of other hedge funds have also made changes to their positions in NUVL. Barclays PLC increased its position in Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after purchasing an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. increased its position in Nuvalent by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after purchasing an additional 2,664 shares in the last quarter. SG Americas Securities LLC increased its position in Nuvalent by 46.1% during the 4th quarter. SG Americas Securities LLC now owns 10,793 shares of the company's stock worth $845,000 after purchasing an additional 3,408 shares in the last quarter. KBC Group NV grew its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Nuvalent by 21.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company's stock valued at $1,089,000 after buying an additional 2,496 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

Nuvalent stock traded down $2.21 during midday trading on Tuesday, hitting $71.42. 487,324 shares of the company were exchanged, compared to its average volume of 488,973. The company's fifty day moving average price is $71.44 and its 200-day moving average price is $80.19. The company has a market cap of $5.11 billion, a PE ratio of -20.58 and a beta of 1.42. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter last year, the company posted ($0.69) earnings per share. On average, analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $19,541,404.52. This represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 83,000 shares of company stock valued at $6,185,150 over the last three months. Insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on NUVL shares. HC Wainwright restated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. Finally, Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

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.