Nuvalent, Inc. (NASDAQ:NUVL) Stock Position Raised by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC grew its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1,133.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,984 shares of the company's stock after buying an additional 3,661 shares during the quarter. Tower Research Capital LLC TRC's holdings in Nuvalent were worth $312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the fourth quarter worth about $27,000. US Bancorp DE acquired a new stake in Nuvalent in the 4th quarter worth approximately $90,000. KBC Group NV boosted its position in Nuvalent by 61.1% during the fourth 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 grew its holdings in 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 purchasing an additional 309 shares during the last quarter. Finally, Diametric Capital LP bought a new position in shares of Nuvalent in the fourth quarter valued at approximately $212,000. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Up 1.6 %

NASDAQ:NUVL opened at $77.46 on Friday. The firm has a market capitalization of $5.55 billion, a PE ratio of -22.32 and a beta of 1.43. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The firm has a 50-day moving average price of $71.77 and a 200 day moving average price of $81.62.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company 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 issued a strong buy rating to the stock. According to data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $19,541,404.52. The trade was a 9.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction 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 sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,000 shares of company stock valued at $6,185,150. 12.52% of the stock is currently owned by company insiders.

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.

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