Adage Capital Partners GP L.L.C. Raises Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Adage Capital Partners GP L.L.C. increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 142.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 680,000 shares of the company's stock after buying an additional 400,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.96% of Nuvalent worth $53,230,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after purchasing an additional 40,754 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Nuvalent during the 3rd quarter worth $759,000. Exome Asset Management LLC acquired a new position in shares of Nuvalent during the 3rd quarter valued at about $2,040,000. Lord Abbett & CO. LLC raised its stake in Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock worth $31,546,000 after purchasing an additional 70,157 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Nuvalent by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after acquiring an additional 2,664 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred 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 transaction, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. This trade 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 over the last quarter. 12.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

NUVL has been the topic of several recent analyst reports. 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 report on Friday, March 14th. Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and an average target price of $115.50.

Nuvalent Stock Performance

Nuvalent stock traded up $0.50 during trading hours on Wednesday, reaching $76.37. 56,424 shares of the stock were exchanged, compared to its average volume of 472,366. The stock has a market cap of $5.47 billion, a P/E ratio of -22.01 and a beta of 1.43. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The firm's 50 day moving average is $71.82 and its 200 day moving average is $82.01.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal 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.