Tema Etfs LLC Purchases 22,177 Shares of Nuvalent, Inc. $NUVL

Key Points

• Tema Etfs LLC significantly increased its stake in Nuvalent, Inc. by 190.9% during Q1, resulting in a total of 33,794 shares valued at approximately $2.4 million.
• Insider transactions revealed that CEO James Richard Porter and CFO Alexandra Balcom sold shares, decreasing their holdings by 9.78% and 19.23%, respectively.
• Nuvalent recently reported a quarterly loss of ($1.31) EPS, which missed analyst expectations, and currently has a consensus 'Buy' rating with price targets reaching up to $140.00.

Tema Etfs LLC grew its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 190.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,794 shares of the company's stock after purchasing an additional 22,177 shares during the quarter. Tema Etfs LLC's holdings in Nuvalent were worth $2,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Nuvalent by 5,549.7% in the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock worth $709,000 after purchasing an additional 9,823 shares during the period. New York State Common Retirement Fund boosted its position in shares of Nuvalent by 23.4% in the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock worth $1,485,000 after purchasing an additional 3,965 shares during the period. American Century Companies Inc. boosted its position in shares of Nuvalent by 51.3% in the first quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock worth $20,003,000 after purchasing an additional 95,661 shares during the period. First Trust Advisors LP boosted its position in shares of Nuvalent by 3.9% in the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock worth $3,487,000 after purchasing an additional 1,685 shares during the period. Finally, US Bancorp DE boosted its position in shares of Nuvalent by 58.8% in the first quarter. US Bancorp DE now owns 1,836 shares of the company's stock worth $130,000 after purchasing an additional 680 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Trading Up 0.7%

NUVL traded up $0.56 during trading hours on Friday, hitting $76.58. The company's stock had a trading volume of 418,360 shares, compared to its average volume of 433,328. The business's 50-day moving average price is $78.54 and its 200-day moving average price is $75.21. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $113.51. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the company posted ($0.88) EPS. On average, analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at approximately $5,253,563.40. The trade was a 19.23% decrease in their ownership of the stock. The sale 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 Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at $18,784,256.04. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,145 shares of company stock worth $9,455,872. Insiders own 10.20% of the company's stock.

Analyst Ratings Changes

NUVL has been the topic of several recent analyst reports. Leerink Partners lifted their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. HC Wainwright reiterated a "buy" rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, July 21st. Robert W. Baird lifted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. Based on data from MarketBeat, Nuvalent presently has an average rating of "Buy" and an average price target of $120.80.

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.