Twinbeech Capital LP Buys New Shares in Nuvalent, Inc. (NASDAQ:NUVL)

Twinbeech Capital LP purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 29,598 shares of the company's stock, valued at approximately $2,317,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Tema Etfs LLC bought a new stake in shares of Nuvalent during the fourth quarter worth approximately $909,000. Stempoint Capital LP bought a new stake in shares of Nuvalent during the fourth quarter worth approximately $11,369,000. Sandia Investment Management LP raised its stake in shares of Nuvalent by 100.0% during the fourth quarter. Sandia Investment Management LP now owns 10,000 shares of the company's stock worth $783,000 after buying an additional 5,000 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in Nuvalent by 38.3% during the fourth quarter. Rafferty Asset Management LLC now owns 59,276 shares of the company's stock valued at $4,640,000 after purchasing an additional 16,429 shares during the period. Finally, Polar Capital Holdings Plc grew its holdings in Nuvalent by 161.2% during the fourth 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 during the period. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NUVL shares. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.52% of the stock is owned by insiders.

Nuvalent Stock Up 0.6%

NASDAQ NUVL traded up $0.44 during trading on Tuesday, reaching $73.93. 53,975 shares of the stock traded hands, compared to its average volume of 488,699. The stock's 50-day moving average price is $71.30 and its 200 day moving average price is $78.89. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of -21.32 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data 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 company earned ($0.69) EPS. Analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Nuvalent 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.