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

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

Other institutional investors have also modified their holdings of the company. Barclays PLC boosted its holdings in Nuvalent by 149.0% in the 3rd 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. lifted its stake in shares of Nuvalent by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after purchasing an additional 2,664 shares during the period. KBC Group NV raised its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after purchasing an additional 602 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Nuvalent during the 4th quarter valued at about $10,487,000. Finally, Rhumbline Advisers lifted its holdings in shares of Nuvalent by 3.9% in the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock valued at $3,950,000 after purchasing an additional 1,896 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NUVL. HC Wainwright reaffirmed 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 target on the stock in a research note on Friday, March 14th. One investment 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Stock Up 0.5%

Shares of NUVL traded up $0.38 during mid-day trading on Friday, hitting $73.61. The company had a trading volume of 73,637 shares, compared to its average volume of 551,866. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The business's 50-day simple moving average is $71.44 and its 200-day simple moving average is $79.38. The stock has a market cap of $5.27 billion, a PE ratio of -21.21 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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 period last year, the business posted ($0.69) earnings per share. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, February 24th. The shares were 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 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock valued at $4,066,730. Company insiders own 12.52% of the company's stock.

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.