1,120,192 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Boxer Capital Management LLC

Boxer Capital Management LLC purchased a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,120,192 shares of the company's stock, valued at approximately $87,689,000. Nuvalent accounts for about 7.4% of Boxer Capital Management LLC's holdings, making the stock its 3rd largest holding. Boxer Capital Management LLC owned 1.58% of Nuvalent as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after buying an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Nuvalent by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares during the period. Wellington Management Group LLP raised its position in shares of Nuvalent by 27.0% in the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after acquiring an additional 272,738 shares in the last quarter. Geode Capital Management LLC boosted its position in Nuvalent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company's stock valued at $68,236,000 after purchasing an additional 15,878 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Nuvalent by 142.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after purchasing an additional 400,000 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at $18,896,333.94. This represents a 9.78 % decrease in their position. The sale 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 that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now directly 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. In the last quarter, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

Nuvalent Stock Down 9.6 %

NASDAQ:NUVL traded down $7.24 on Tuesday, reaching $68.19. 966,506 shares of the company's stock were exchanged, compared to its average volume of 478,776. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of -19.65 and a beta of 1.42. The business has a fifty day moving average of $71.73 and a 200-day moving average of $81.12. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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). As a group, equities analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NUVL shares. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. Finally, HC Wainwright restated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. One 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 stock. Based on data from MarketBeat, Nuvalent presently has an average rating of "Moderate Buy" and an average 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.