Renaissance Technologies LLC Takes Position in Nuvalent, Inc. (NASDAQ:NUVL)

Renaissance Technologies LLC bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,100 shares of the company's stock, valued at approximately $712,000.

A number of other hedge funds have also made changes to their positions in NUVL. Crowley Wealth Management Inc. acquired a new position in Nuvalent in the 4th quarter valued at approximately $27,000. US Bancorp DE acquired a new position in shares of Nuvalent in the fourth quarter worth $90,000. KBC Group NV raised its holdings in shares of 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 acquiring an additional 602 shares in the last quarter. Commonwealth Equity Services LLC boosted its position 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 purchased a new position in Nuvalent in the fourth quarter valued at about $212,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Price Performance

NASDAQ:NUVL traded down $0.30 during midday trading on Thursday, reaching $66.42. The stock had a trading volume of 164,520 shares, compared to its average volume of 481,649. The stock has a market capitalization of $4.76 billion, a P/E ratio of -19.14 and a beta of 1.42. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The firm's fifty day simple moving average is $71.43 and its 200-day simple moving average is $80.93.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.01). During the same period last year, the company posted ($0.69) earnings per share. On average, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was 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 in the company, 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 legal filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent 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 sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,541,404.52. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 83,000 shares of company stock worth $6,185,150 over the last three months. 12.52% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright restated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

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.