Soleus Capital Management L.P. Increases Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Soleus Capital Management L.P. increased its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 40.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,357 shares of the company's stock after acquiring an additional 30,000 shares during the quarter. Soleus Capital Management L.P. owned 0.15% of Nuvalent worth $8,169,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Barclays PLC increased its stake in Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after purchasing an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Nuvalent by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after buying an additional 2,664 shares during the period. SG Americas Securities LLC raised its stake in Nuvalent by 46.1% during the 4th quarter. SG Americas Securities LLC now owns 10,793 shares of the company's stock worth $845,000 after buying an additional 3,408 shares during the period. KBC Group NV boosted its holdings in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after acquiring an additional 602 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in Nuvalent by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company's stock valued at $1,089,000 after acquiring an additional 2,496 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at $18,896,333.94. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,000 shares of company stock worth $4,066,730. Insiders own 12.52% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of research reports. 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 report on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One investment 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 company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded down $0.43 during midday trading on Thursday, reaching $73.23. The company's stock had a trading volume of 337,276 shares, compared to its average volume of 489,208. The stock has a market capitalization of $5.24 billion, a P/E ratio of -21.10 and a beta of 1.42. The firm has a 50 day moving average price of $71.52 and a 200-day moving average price of $79.49. 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 quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the company posted ($0.69) earnings per share. On average, equities analysts predict 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.