Polar Capital Holdings Plc Grows Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Polar Capital Holdings Plc increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 161.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 946,723 shares of the company's stock after buying an additional 584,223 shares during the period. Polar Capital Holdings Plc owned 1.33% of Nuvalent worth $74,109,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NUVL. Crowley Wealth Management Inc. purchased a new position in Nuvalent during the fourth quarter worth about $27,000. Quarry LP purchased a new position in shares of Nuvalent in the 4th quarter worth about $39,000. US Bancorp DE purchased a new position in shares of Nuvalent in the 4th quarter worth about $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 in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Nuvalent by 13.4% in 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 in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NUVL. HC Wainwright restated a "buy" rating and set a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. 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 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's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $115.50.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock valued at $4,066,730 over the last three months. Insiders own 12.52% of the company's stock.

Nuvalent Trading Up 2.6%

Shares of NUVL stock traded up $1.88 during trading hours on Tuesday, reaching $75.19. The company's stock had a trading volume of 76,269 shares, compared to its average volume of 486,931. The stock has a market capitalization of $5.38 billion, a P/E ratio of -21.62 and a beta of 1.42. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The firm's fifty day simple moving average is $71.56 and its 200 day simple moving average is $79.55.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the company posted ($0.69) earnings per share. As a group, equities research analysts forecast 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.