BNP Paribas Financial Markets Invests $1.36 Million in Nuvalent, Inc. (NASDAQ:NUVL)

BNP Paribas Financial Markets acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 17,366 shares of the company's stock, valued at approximately $1,359,000.

Other hedge funds also recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its holdings in shares of Nuvalent by 4.8% during the 4th 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 grew its holdings in shares of Nuvalent by 13.4% during the 4th 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. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the 4th quarter worth approximately $27,000. Alliancebernstein L.P. raised its position in Nuvalent by 1.3% in the 4th quarter. Alliancebernstein L.P. now owns 39,620 shares of the company's stock valued at $3,101,000 after purchasing an additional 500 shares during the last quarter. Finally, Quarry LP bought a new position in Nuvalent in the 4th quarter valued at $39,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm'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 transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $4,066,730 over the last three months. Corporate insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

NUVL stock traded up $0.26 during midday trading on Friday, reaching $73.49. 359,038 shares of the company's stock traded hands, compared to its average volume of 490,425. The company has a 50-day moving average price of $71.38 and a two-hundred day moving average price of $79.04. The firm has a market capitalization of $5.26 billion, a PE ratio of -21.18 and a beta of 1.42. 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 announced its 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 prior year, the firm posted ($0.69) EPS. As a group, analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NUVL shares. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded 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. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $115.50.

About Nuvalent

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.