Rafferty Asset Management LLC Buys 16,429 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Rafferty Asset Management LLC grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 38.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,276 shares of the company's stock after purchasing an additional 16,429 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.08% of Nuvalent worth $4,640,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NUVL. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the fourth quarter valued at about $27,000. Quarry LP acquired a new stake in shares of Nuvalent during the fourth quarter valued at about $39,000. US Bancorp DE acquired a new stake in shares of Nuvalent during the fourth quarter valued at about $90,000. KBC Group NV boosted its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after purchasing an additional 602 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after purchasing an additional 309 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on NUVL shares. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock valued at $4,066,730. 12.52% of the stock is currently owned by company insiders.

Nuvalent Price Performance

Shares of Nuvalent stock traded up $0.26 during midday trading on Friday, reaching $73.49. The company had a trading volume of 359,038 shares, compared to its average volume of 490,425. The stock has a fifty day moving average price of $71.38 and a 200 day moving average price of $79.15. The firm has a market cap of $5.26 billion, a PE ratio of -21.18 and a beta of 1.42. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly 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 quarter in the previous year, the business earned ($0.69) earnings per share. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.