Sandia Investment Management LP Buys 5,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Sandia Investment Management LP grew its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 100.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the company's stock after buying an additional 5,000 shares during the period. Nuvalent accounts for about 1.8% of Sandia Investment Management LP's portfolio, making the stock its 11th biggest holding. Sandia Investment Management LP's holdings in Nuvalent were worth $783,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rafferty Asset Management LLC increased its stake in shares of Nuvalent by 38.3% during the fourth quarter. Rafferty Asset Management LLC now owns 59,276 shares of the company's stock worth $4,640,000 after purchasing an additional 16,429 shares during the period. Polar Capital Holdings Plc increased its stake in Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after acquiring an additional 584,223 shares during the period. ProShare Advisors LLC increased its stake in Nuvalent by 29.4% during the 4th quarter. ProShare Advisors LLC now owns 13,005 shares of the company's stock worth $1,018,000 after acquiring an additional 2,953 shares during the period. Paradigm Biocapital Advisors LP increased its stake in Nuvalent by 7.3% during the 4th 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 during the period. Finally, Parkman Healthcare Partners LLC increased its stake in Nuvalent by 0.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock worth $1,846,000 after acquiring an additional 188 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUVL has been the topic of a number of recent research reports. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 price objective 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.50.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at $17,170,334.28. The trade was a 9.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,000 shares of company stock valued at $4,066,730. Corporate insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

Shares of Nuvalent stock traded up $2.57 during trading on Tuesday, reaching $75.88. 263,194 shares of the company's stock were exchanged, compared to its average volume of 488,627. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The company has a market cap of $5.43 billion, a P/E ratio of -21.87 and a beta of 1.42. The firm's 50-day moving average price is $71.56 and its 200 day moving average price is $79.55.

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

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.