BNP Paribas Financial Markets Acquires Shares of 17,366 Nuvalent, Inc. (NASDAQ:NUVL)

BNP Paribas Financial Markets acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 17,366 shares of the company's stock, valued at approximately $1,359,000.

A number of other hedge funds have also bought and sold shares of the company. Summit Investment Advisors Inc. increased its position in Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock valued at $288,000 after acquiring an additional 167 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in Nuvalent during the fourth quarter valued at $27,000. Alliancebernstein L.P. increased its position in Nuvalent by 1.3% during the fourth quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock valued at $3,101,000 after acquiring an additional 500 shares during the last quarter. Finally, Quarry LP bought a new position in Nuvalent during the fourth quarter valued at $39,000. Institutional investors own 97.26% of the company's stock.

Nuvalent Trading Down 0.0%

Shares of NASDAQ:NUVL opened at $73.31 on Tuesday. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The company's 50 day moving average is $71.56 and its 200 day moving average is $79.55. The company has a market cap of $5.25 billion, a PE ratio of -21.13 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results 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 prior year, the business posted ($0.69) EPS. Equities research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,000 shares of company stock worth $4,066,730. Corporate insiders own 12.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NUVL shares. HC Wainwright reissued a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One equities research 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 stock currently has a consensus rating of "Moderate Buy" and a consensus 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.

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