Two Sigma Advisers LP Trims Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Two Sigma Advisers LP decreased its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 8.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,100 shares of the company's stock after selling 12,100 shares during the quarter. Two Sigma Advisers LP owned 0.20% of Nuvalent worth $10,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NUVL. Boxer Capital Management LLC bought a new stake in Nuvalent in the 4th quarter worth approximately $87,689,000. Polar Capital Holdings Plc lifted its position in Nuvalent by 161.2% in the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after buying an additional 584,223 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in 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 worth $53,230,000 after buying an additional 400,000 shares during the last quarter. Vanguard Group Inc. lifted its position in Nuvalent by 8.9% in the fourth 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 during the last quarter. Finally, Paradigm Biocapital Advisors LP lifted its position in Nuvalent by 7.3% in the fourth 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 during the last quarter. Institutional investors own 97.26% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on NUVL shares. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. 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 company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $115.50.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction 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 of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $0.24 during midday trading on Wednesday, reaching $72.03. 62,582 shares of the company's stock traded hands, compared to its average volume of 488,975. The company has a market cap of $5.16 billion, a PE ratio of -20.72 and a beta of 1.42. The stock has a 50 day moving average of $71.19 and a 200-day moving average of $78.84. 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 announced 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 prior year, the company posted ($0.69) earnings per share. On average, equities analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.