Diadema Partners LP Takes $1.15 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

Diadema Partners LP bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,701 shares of the company's stock, valued at approximately $1,151,000.

Several other institutional investors and hedge funds also recently modified their holdings of NUVL. Lord Abbett & CO. LLC raised its position in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after buying an additional 70,157 shares during the last quarter. Barclays PLC grew its position in shares of Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after purchasing an additional 40,754 shares during the period. JPMorgan Chase & Co. increased its stake in 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 purchasing an additional 2,664 shares during the last quarter. KBC Group NV lifted its position 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 buying an additional 602 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Nuvalent in the 4th quarter valued at about $10,487,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

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

Nuvalent Stock Performance

Shares of NUVL stock traded down $0.50 on Friday, hitting $73.48. The stock had a trading volume of 199,070 shares, compared to its average volume of 474,551. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -21.18 and a beta of 1.43. The stock's 50 day moving average is $72.06 and its 200-day moving average is $82.40.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now directly owns 216,522 shares of the company's stock, valued at $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. Insiders have sold a total of 85,000 shares of company stock worth $6,350,730 over the last quarter. 12.52% of the stock is owned by company insiders.

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.