Braidwell LP Buys New Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Braidwell LP acquired a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 241,235 shares of the company's stock, valued at approximately $18,884,000. Braidwell LP owned 0.34% of Nuvalent as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NUVL. Barclays PLC increased its position in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after purchasing an additional 40,754 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Nuvalent by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after buying an additional 2,664 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Nuvalent by 46.1% during the fourth 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 increased its position in shares of 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 acquiring an additional 602 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of 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. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Friday, March 14th. Finally, Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average target price of $115.50.

Nuvalent Stock Down 2.4 %

NASDAQ NUVL traded down $1.75 on Friday, reaching $69.85. 446,261 shares of the stock traded hands, compared to its average volume of 488,233. The firm's fifty day simple moving average is $71.41 and its 200 day simple moving average is $80.41. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The company has a market cap of $5.00 billion, a price-to-earnings ratio of -20.13 and a beta of 1.42.

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

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred 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 sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. This trade represents a 9.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

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.