Vestal Point Capital LP Makes New Investment in Nuvalent, Inc. (NASDAQ:NUVL)

Vestal Point Capital LP acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 600,000 shares of the company's stock, valued at approximately $46,968,000. Nuvalent makes up about 2.8% of Vestal Point Capital LP's holdings, making the stock its 10th biggest position. Vestal Point Capital LP owned about 0.84% of Nuvalent as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Soleus Capital Management L.P. lifted its holdings in shares of Nuvalent by 40.3% in the fourth quarter. Soleus Capital Management L.P. now owns 104,357 shares of the company's stock worth $8,169,000 after buying an additional 30,000 shares in the last quarter. Twinbeech Capital LP bought a new stake in Nuvalent in the 4th quarter valued at $2,317,000. Tema Etfs LLC purchased a new stake in Nuvalent in the 4th quarter worth $909,000. Stempoint Capital LP bought a new position in shares of Nuvalent during the 4th quarter valued at about $11,369,000. Finally, Sandia Investment Management LP boosted its holdings in shares of Nuvalent by 100.0% during 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 last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

NUVL stock traded down $0.43 during midday trading on Thursday, reaching $73.23. 337,276 shares of the company traded hands, compared to its average volume of 489,208. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of -21.10 and a beta of 1.42. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The business has a 50 day moving average of $71.52 and a 200-day moving average of $79.49.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the firm posted ($0.69) earnings per share. Research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company'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 in the company, valued at $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $4,066,730 over the last quarter. Insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report 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 report 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 company. According to MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and an average price target of $115.50.

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.