Artia Global Partners LP Buys 188,608 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Artia Global Partners LP raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1,221.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 204,045 shares of the company's stock after buying an additional 188,608 shares during the quarter. Nuvalent comprises 5.7% of Artia Global Partners LP's portfolio, making the stock its 5th largest position. Artia Global Partners LP owned approximately 0.29% of Nuvalent worth $15,973,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Crowley Wealth Management Inc. bought a new position in Nuvalent during the fourth quarter valued at about $27,000. US Bancorp DE acquired a new stake in Nuvalent during the 4th quarter valued at $90,000. KBC Group NV boosted its position in 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 acquiring an additional 602 shares during the period. Commonwealth Equity Services LLC increased its stake in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares during the period. Finally, Diametric Capital LP purchased a new position in shares of Nuvalent during the 4th quarter valued at $212,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NUVL shares. 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. Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright restated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Stock Up 2.1 %

Shares of NASDAQ:NUVL traded up $1.61 during mid-day trading on Friday, reaching $77.84. 347,738 shares of the stock were exchanged, compared to its average volume of 475,730. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The stock's 50 day simple moving average is $71.73 and its 200-day simple moving average is $81.79. The company has a market cap of $5.57 billion, a P/E ratio of -22.43 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results 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). Analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $17,170,334.28. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,000 shares of company stock worth $6,185,150. Company insiders own 12.52% of the company's stock.

About Nuvalent

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.