Nuvalent, Inc. (NASDAQ:NUVL) Stock Holdings Increased by Paradigm Biocapital Advisors LP

Paradigm Biocapital Advisors LP increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,363,379 shares of the company's stock after buying an additional 363,379 shares during the quarter. Nuvalent comprises 14.6% of Paradigm Biocapital Advisors LP's holdings, making the stock its largest position. Paradigm Biocapital Advisors LP owned 7.55% of Nuvalent worth $419,845,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its position in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after buying an additional 40,754 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after buying an additional 2,664 shares in the last quarter. KBC Group NV lifted 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 buying an additional 602 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Nuvalent in the fourth quarter valued at $10,487,000. Finally, Rhumbline Advisers raised its position in Nuvalent by 3.9% in the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock valued at $3,950,000 after purchasing an additional 1,896 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Trading Up 3.3%

Shares of Nuvalent stock traded up $2.32 on Friday, hitting $73.32. The stock had a trading volume of 416,868 shares, compared to its average volume of 488,483. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of -21.13 and a beta of 1.42. The company's 50 day moving average price is $71.54 and its 200 day moving average price is $79.80.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter last year, the business earned ($0.69) earnings per share. Analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NUVL has been the subject of a number of research reports. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. HC Wainwright reaffirmed 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $115.50.

Insider Activity

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 owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,000 shares of company stock valued at $6,185,150. 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.