Fred Alger Management LLC Has $24.12 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Fred Alger Management LLC trimmed its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 50.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 308,057 shares of the company's stock after selling 319,685 shares during the period. Fred Alger Management LLC owned 0.43% of Nuvalent worth $24,115,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Barclays PLC grew its position in shares of Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Nuvalent by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after purchasing an additional 2,664 shares during the period. KBC Group NV increased its stake in 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 purchasing an additional 602 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Nuvalent during the fourth quarter worth $10,487,000. Finally, Rhumbline Advisers lifted its position in shares of Nuvalent by 3.9% in the 4th quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock worth $3,950,000 after buying an additional 1,896 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the 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 in the company, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,896,333.94. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 83,000 shares of company stock worth $6,185,150 in the last 90 days. Corporate insiders own 12.52% of the company's stock.

Nuvalent Trading Down 0.7%

Nuvalent stock traded down $0.47 during trading hours on Wednesday, reaching $70.95. 96,995 shares of the company were exchanged, compared to its average volume of 487,435. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -20.45 and a beta of 1.42. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The stock has a 50-day moving average of $71.41 and a 200 day moving average of $80.13.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 period in the previous year, the company earned ($0.69) EPS. As a group, research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NUVL. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. HC Wainwright reissued a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.