Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC decreased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 29.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Boxer Capital Management LLC purchased a new position in shares of Nuvalent during the 4th quarter worth approximately $87,689,000. Polar Capital Holdings Plc raised its holdings in shares of Nuvalent by 161.2% in 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. raised its holdings in shares of Nuvalent by 142.9% in 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. raised its holdings in shares of Nuvalent by 8.9% in 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 raised its holdings in shares of Nuvalent by 7.3% in 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. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Trading Down 1.5%

Shares of NASDAQ NUVL traded down $1.13 during mid-day trading on Friday, reaching $73.63. The company had a trading volume of 532,918 shares, compared to its average volume of 492,375. The firm has a 50 day simple moving average of $70.99 and a two-hundred day simple moving average of $78.37. The stock has a market cap of $5.29 billion, a P/E ratio of -21.22 and a beta of 1.42. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the firm earned ($0.69) EPS. On average, equities analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analyst Ratings Changes

NUVL has been the topic of a number of analyst reports. HC Wainwright restated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. UBS Group upgraded shares of 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. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and an average target price of $115.50.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated 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 sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.52% of the stock is currently owned by insiders.

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.