Two Sigma Investments LP Has $16.74 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

Two Sigma Investments LP reduced its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 18.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,882 shares of the company's stock after selling 48,506 shares during the period. Two Sigma Investments LP owned approximately 0.30% of Nuvalent worth $16,743,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of NUVL. Crowley Wealth Management Inc. bought a new stake in Nuvalent in the fourth quarter valued at approximately $27,000. Quarry LP bought a new stake in Nuvalent in the fourth quarter valued at approximately $39,000. US Bancorp DE bought a new stake in Nuvalent in the fourth quarter valued at approximately $90,000. KBC Group NV increased its stake in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after purchasing an additional 602 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after purchasing an additional 309 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 0.3%

Shares of NUVL stock traded down $0.24 during trading hours on Wednesday, hitting $72.03. 62,582 shares of the company were exchanged, compared to its average volume of 488,975. The business has a 50 day moving average of $71.19 and a two-hundred day moving average of $78.84. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The company has a market capitalization of $5.16 billion, a PE ratio of -20.72 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. On average, research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NUVL shares. 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 target price for the company 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.52% of the stock is 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.