Polar Asset Management Partners Inc. Trims Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Polar Asset Management Partners Inc. lessened its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 62.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,580 shares of the company's stock after selling 43,200 shares during the period. Polar Asset Management Partners Inc.'s holdings in Nuvalent were worth $2,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new position in Nuvalent during the 4th quarter worth approximately $108,000. Woodline Partners LP increased its position in Nuvalent by 0.9% in the 4th 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 during the period. Vestal Point Capital LP acquired a new position in Nuvalent in the 4th quarter valued at approximately $46,968,000. Soleus Capital Management L.P. increased its position in Nuvalent by 40.3% in the 4th quarter. Soleus Capital Management L.P. now owns 104,357 shares of the company's stock valued at $8,169,000 after acquiring an additional 30,000 shares during the period. Finally, Twinbeech Capital LP acquired a new position in Nuvalent in the 4th quarter valued at approximately $2,317,000. 97.26% of the stock is currently 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 dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Price Performance

Shares of NUVL stock traded down $1.13 on Friday, hitting $73.63. The stock had a trading volume of 532,918 shares, compared to its average volume of 492,375. The business has a 50 day moving average of $70.99 and a 200 day moving average of $78.45. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of -21.22 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the firm posted ($0.69) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several recent research reports. HC Wainwright restated a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

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.