Woodline Partners LP Boosts Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Woodline Partners LP lifted its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,204,927 shares of the company's stock after purchasing an additional 11,248 shares during the quarter. Nuvalent comprises about 0.6% of Woodline Partners LP's investment portfolio, making the stock its 18th biggest position. Woodline Partners LP owned about 1.70% of Nuvalent worth $94,322,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the 4th quarter worth about $27,000. Quarry LP bought a new stake in shares of Nuvalent in the 4th quarter worth about $39,000. US Bancorp DE purchased a new position in shares of Nuvalent during the fourth quarter valued at approximately $90,000. KBC Group NV grew its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction on 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 owns 216,522 shares of the company's stock, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $4,066,730 over the last 90 days. Corporate insiders own 12.52% of the company's stock.

Analysts Set New Price Targets

NUVL has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $115.50.

Nuvalent Price Performance

Shares of NUVL stock traded up $0.26 during trading on Friday, hitting $73.49. 359,038 shares of the stock traded hands, compared to its average volume of 490,425. The firm has a market capitalization of $5.26 billion, a P/E ratio of -21.18 and a beta of 1.42. The firm's fifty day moving average price is $71.38 and its 200-day moving average price is $79.15. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the firm earned ($0.69) earnings per share. As a group, equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.