Soleus Capital Management L.P. Purchases 30,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Soleus Capital Management L.P. raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 40.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,357 shares of the company's stock after buying 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.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NUVL. Crowley Wealth Management Inc. acquired a new position in Nuvalent in the 4th quarter valued at $27,000. Quarry LP acquired a new position in Nuvalent in the 4th quarter valued at $39,000. US Bancorp DE acquired a new position in Nuvalent in the 4th quarter valued at $90,000. KBC Group NV grew its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Up 0.4%

Shares of NUVL traded up $0.26 during trading hours on Friday, hitting $73.49. 359,038 shares of the company were exchanged, compared to its average volume of 489,493. The company has a market cap of $5.26 billion, a price-to-earnings 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. The firm's fifty day moving average is $71.38 and its 200 day moving average is $79.25.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its 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 period in the prior year, the business earned ($0.69) earnings per share. Analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company's 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 directly owns 249,062 shares in the company, valued at $17,170,334.28. This represents a 9.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the company'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 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,000 shares of company stock valued at $4,066,730. 12.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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 price objective on the stock in a report on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and an average 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.