Nuvalent, Inc. (NASDAQ:NUVL) Shares Bought by Rafferty Asset Management LLC

Rafferty Asset Management LLC lifted its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 38.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,276 shares of the company's stock after purchasing an additional 16,429 shares during the quarter. Rafferty Asset Management LLC owned about 0.08% of Nuvalent worth $4,640,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NUVL. Crowley Wealth Management Inc. purchased a new stake in Nuvalent during the fourth quarter valued at approximately $27,000. Quarry LP purchased a new stake in Nuvalent during the fourth quarter valued at approximately $39,000. US Bancorp DE purchased a new stake in Nuvalent during the fourth quarter valued at approximately $90,000. KBC Group NV raised its position in 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 during the period. Finally, Commonwealth Equity Services LLC raised its position in 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 during the period. 97.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was 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 represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction 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 sale, the director now owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $4,066,730 over the last 90 days. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Up 0.4%

NASDAQ:NUVL traded up $0.26 during midday trading on Friday, hitting $73.49. The stock had a trading volume of 359,038 shares, compared to its average volume of 489,493. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -21.18 and a beta of 1.42. The stock has a 50-day moving average of $71.38 and a 200 day moving average of $79.25.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data 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 period in the prior year, the company earned ($0.69) earnings per share. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. 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. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nuvalent currently has an average rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent 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.