Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 480.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,101 shares of the company's stock after acquiring an additional 56,377 shares during the quarter. Edgestream Partners L.P. owned about 0.10% of Nuvalent worth $4,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Boxer Capital Management LLC purchased a new stake in Nuvalent during the 4th quarter valued at about $87,689,000. Vestal Point Capital LP bought a new position in Nuvalent during the 4th quarter valued at approximately $46,968,000. Polar Capital Holdings Plc increased its position in Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after buying an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Nuvalent by 142.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock worth $53,230,000 after purchasing an additional 400,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 14,700 shares of Nuvalent stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $20,490,330.74. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,645 shares of company stock worth $7,007,857. Insiders own 10.20% of the company's stock.

Nuvalent Trading Down 2.7%

NUVL traded down $2.29 during midday trading on Friday, hitting $83.40. 334,196 shares of the company were exchanged, compared to its average volume of 506,626. The company's 50 day simple moving average is $77.21 and its 200 day simple moving average is $76.03. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -19.00 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period last year, the firm earned ($0.69) EPS. On average, equities analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several analyst reports. Leerink Partners boosted their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. HC Wainwright reiterated a "buy" rating and issued a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Robert W. Baird boosted their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $119.60.

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.