Squarepoint Ops LLC Sells 12,760 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Squarepoint Ops LLC lessened its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 29.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,706 shares of the company's stock after selling 12,760 shares during the period. Squarepoint Ops LLC's holdings in Nuvalent were worth $2,404,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NUVL. Boxer Capital Management LLC bought a new position in shares of Nuvalent during the 4th quarter valued at about $87,689,000. Polar Capital Holdings Plc lifted its holdings in shares of Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after purchasing an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after purchasing an additional 400,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP lifted its holdings in shares of Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on NUVL. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th. One 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Price Performance

Nuvalent stock traded down $1.13 during mid-day trading on Friday, reaching $73.63. 532,918 shares of the company were exchanged, compared to its average volume of 492,375. The firm has a market cap of $5.29 billion, a PE ratio of -21.22 and a beta of 1.42. The company has a fifty day simple moving average of $70.99 and a 200-day simple moving average of $78.45. 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 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. Sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.52% of the company's stock.

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.