GAMMA Investing LLC Grows Position in Nuvalent, Inc. (NASDAQ:NUVL)

GAMMA Investing LLC lifted its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 5,549.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,000 shares of the company's stock after purchasing an additional 9,823 shares during the period. GAMMA Investing LLC's holdings in Nuvalent were worth $709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Paradigm Biocapital Advisors LP increased its stake in shares of Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Nuvalent by 8.9% in the fourth 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. Price T Rowe Associates Inc. MD grew its stake in Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares in the last quarter. Wellington Management Group LLP grew its stake in Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after acquiring an additional 272,738 shares in the last quarter. Finally, Woodline Partners LP grew its stake in Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after acquiring an additional 11,248 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $17,170,334.28. This trade represents a 9.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 10.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NUVL. HC Wainwright reaffirmed 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 analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL traded down $0.53 on Friday, reaching $75.00. The company's stock had a trading volume of 558,997 shares, compared to its average volume of 493,930. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The company has a market cap of $5.39 billion, a P/E ratio of -17.08 and a beta of 1.34. The company has a 50-day simple moving average of $73.99 and a 200 day simple moving average of $76.75.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS 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 research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.