Tema Etfs LLC Takes $909,000 Position in Nuvalent, Inc. (NASDAQ:NUVL)

Tema Etfs LLC bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 11,617 shares of the company's stock, valued at approximately $909,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stempoint Capital LP acquired a new position in shares of Nuvalent in the fourth quarter worth $11,369,000. Sandia Investment Management LP boosted its position in shares of Nuvalent by 100.0% in the 4th quarter. Sandia Investment Management LP now owns 10,000 shares of the company's stock valued at $783,000 after purchasing an additional 5,000 shares during the period. Rafferty Asset Management LLC grew its position in shares of Nuvalent by 38.3% during the fourth quarter. Rafferty Asset Management LLC now owns 59,276 shares of the company's stock worth $4,640,000 after acquiring an additional 16,429 shares during the last quarter. Polar Capital Holdings Plc grew its position in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after acquiring an additional 584,223 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Nuvalent by 29.4% in the 4th quarter. ProShare Advisors LLC now owns 13,005 shares of the company's stock valued at $1,018,000 after acquiring an additional 2,953 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

NUVL traded down $2.22 during trading on Wednesday, hitting $73.66. The stock had a trading volume of 423,306 shares, compared to its average volume of 489,156. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The company's 50-day moving average price is $71.59 and its 200 day moving average price is $79.53. The firm has a market capitalization of $5.27 billion, a P/E ratio of -21.23 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the firm earned ($0.69) earnings per share. As a group, equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $115.50.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the 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 transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was 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 directly owns 249,062 shares in the company, valued at $17,170,334.28. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,000 shares of company stock worth $4,066,730 over the last three months. 12.52% of the stock is currently owned by corporate 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.