Nuvalent, Inc. (NASDAQ:NUVL) Shares Acquired by Silverarc Capital Management LLC

Silverarc Capital Management LLC raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 7.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 400,014 shares of the company's stock after buying an additional 28,573 shares during the quarter. Nuvalent comprises 6.8% of Silverarc Capital Management LLC's portfolio, making the stock its biggest holding. Silverarc Capital Management LLC owned approximately 0.56% of Nuvalent worth $31,313,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Crowley Wealth Management Inc. purchased a new position in Nuvalent in the fourth quarter worth about $27,000. US Bancorp DE bought a new stake in shares of Nuvalent in the 4th quarter valued at approximately $90,000. KBC Group NV boosted its holdings in shares of Nuvalent by 61.1% in 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 period. Commonwealth Equity Services LLC increased its position in shares of Nuvalent by 13.4% during the 4th 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 during the last quarter. Finally, Diametric Capital LP purchased a new stake in Nuvalent during the 4th quarter valued at $212,000. Institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

NUVL stock traded down $0.50 during mid-day trading on Friday, reaching $73.48. The company had a trading volume of 199,070 shares, compared to its average volume of 474,551. The firm has a 50 day moving average of $72.06 and a 200 day moving average of $82.40. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The company has a market capitalization of $5.26 billion, a PE ratio of -21.18 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on NUVL. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reiterated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th. One equities 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, Nuvalent currently has a consensus rating of "Moderate Buy" and an average target price of $115.50.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,000 shares of company stock worth $6,350,730. Company insiders own 12.52% of the company's stock.

About Nuvalent

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.