Voloridge Investment Management LLC Sells 142,160 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Voloridge Investment Management LLC cut its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 45.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,844 shares of the company's stock after selling 142,160 shares during the quarter. Voloridge Investment Management LLC owned about 0.24% of Nuvalent worth $13,374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Crowley Wealth Management Inc. purchased a new position in shares of Nuvalent during the 4th quarter worth approximately $27,000. Quarry LP acquired a new stake in Nuvalent during the 4th quarter worth $39,000. US Bancorp DE purchased a new position in Nuvalent during the 4th quarter worth $90,000. KBC Group NV grew its position in Nuvalent by 61.1% during the 4th 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. Finally, Commonwealth Equity Services LLC grew its position in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after purchasing an additional 309 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the 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 completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at $17,170,334.28. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 target price 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Stock Up 5.4%

Shares of Nuvalent stock traded up $3.89 during trading on Thursday, hitting $75.32. The stock had a trading volume of 125,285 shares, compared to its average volume of 490,122. The stock has a 50 day simple moving average of $71.06 and a 200 day simple moving average of $78.79. The company has a market capitalization of $5.39 billion, a PE ratio of -21.55 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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 quarter in the previous year, the firm earned ($0.69) EPS. As a group, equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.