Paradigm Biocapital Advisors LP Has $419.85 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

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

A number of other institutional investors also recently added to or reduced their stakes in NUVL. Barclays PLC boosted its position in Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of 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 buying an additional 2,664 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Nuvalent by 46.1% in the fourth quarter. SG Americas Securities LLC now owns 10,793 shares of the company's stock valued at $845,000 after buying an additional 3,408 shares during the period. KBC Group NV lifted its holdings in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Nuvalent by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company's stock valued at $1,089,000 after buying an additional 2,496 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm'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 completion of the sale, the chief executive officer now 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 sale was disclosed in a legal filing 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 transaction, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

Nuvalent Stock Down 0.9%

Shares of NUVL stock traded down $0.64 during trading on Monday, reaching $72.68. 207,187 shares of the company's stock were exchanged, compared to its average volume of 487,947. The stock has a market capitalization of $5.20 billion, a PE ratio of -20.95 and a beta of 1.42. Nuvalent, Inc. has a twelve month low of $55.54 and a twelve month high of $113.51. The firm's fifty day moving average price is $71.54 and its 200-day moving average price is $79.67.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period last year, the company posted ($0.69) earnings per share. As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. HC Wainwright reaffirmed a "buy" rating and set a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Friday, March 14th. One 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 company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $115.50.

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.