Polar Asset Management Partners Inc. Trims Position in Nuvalent, Inc. (NASDAQ:NUVL)

Polar Asset Management Partners Inc. decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 62.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,580 shares of the company's stock after selling 43,200 shares during the period. Polar Asset Management Partners Inc.'s holdings in Nuvalent were worth $2,002,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Paradigm Biocapital Advisors LP grew its stake in shares of Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after purchasing an additional 215,633 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after purchasing an additional 272,738 shares in the last quarter. Finally, Boxer Capital Management LLC acquired a new position in shares of Nuvalent during the fourth quarter worth $87,689,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $4,066,730 over the last ninety days. Insiders own 12.52% of the company's stock.

Nuvalent Stock Down 0.3%

NUVL traded down $0.26 on Thursday, reaching $73.41. The company had a trading volume of 71,741 shares, compared to its average volume of 487,503. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The stock has a market capitalization of $5.26 billion, a PE ratio of -21.15 and a beta of 1.42. The stock has a 50-day moving average price of $71.52 and a 200-day moving average price of $79.49.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results 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 quarter in the previous year, the firm earned ($0.69) EPS. As a group, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NUVL shares. UBS Group upgraded shares of 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. HC Wainwright reiterated a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $115.50.

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.