Balyasny Asset Management L.P. Takes $3.47 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

Balyasny Asset Management L.P. bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 44,315 shares of the company's stock, valued at approximately $3,469,000. Balyasny Asset Management L.P. owned approximately 0.06% of Nuvalent at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new stake in Nuvalent during the fourth quarter worth approximately $27,000. Quarry LP bought a new stake in Nuvalent during the fourth quarter worth approximately $39,000. US Bancorp DE bought a new stake in Nuvalent during the fourth quarter worth approximately $90,000. KBC Group NV raised its holdings in 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 in the last quarter. Finally, Commonwealth Equity Services LLC raised 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 purchasing an additional 309 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,896,333.94. The trade was a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,000 shares of company stock worth $6,185,150. Corporate insiders own 12.52% of the company's stock.

Nuvalent Stock Up 3.3%

Nuvalent stock traded up $2.32 during mid-day trading on Friday, hitting $73.32. The company's stock had a trading volume of 416,868 shares, compared to its average volume of 489,045. The stock has a market capitalization of $5.25 billion, a P/E ratio of -21.13 and a beta of 1.42. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The stock's fifty day moving average price is $71.54 and its two-hundred day moving average price is $79.73.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NUVL. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, March 14th. HC Wainwright reissued a "buy" rating and set a $110.00 target price on shares of Nuvalent in a 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and an average price target 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.