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

Algert Global LLC bought a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 19,650 shares of the company's stock, valued at approximately $1,538,000.

Other hedge funds have also bought and sold shares of the company. Crowley Wealth Management Inc. purchased a new stake in Nuvalent in the fourth quarter worth $27,000. Quarry LP purchased a new stake in shares of Nuvalent in the 4th quarter worth approximately $39,000. US Bancorp DE purchased a new stake in shares of Nuvalent in the 4th quarter worth approximately $90,000. KBC Group NV increased its holdings in Nuvalent by 61.1% during the fourth 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, Commonwealth Equity Services LLC lifted its holdings 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 period. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $1.97 during trading hours on Thursday, reaching $69.05. 108,339 shares of the company were exchanged, compared to its average volume of 487,005. The firm has a market cap of $4.94 billion, a PE ratio of -19.94 and a beta of 1.42. The stock's fifty day moving average is $71.41 and its 200 day moving average is $80.07. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the previous year, the firm earned ($0.69) earnings per share. Research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $19,541,404.52. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,000 shares of company stock valued at $6,185,150. Insiders own 12.52% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of analyst reports. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. One research 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.