Nuvalent, Inc. (NASDAQ:NUVL) Shares Bought by Sandia Investment Management LP

Sandia Investment Management LP boosted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 100.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,000 shares of the company's stock after buying an additional 5,000 shares during the quarter. Nuvalent accounts for approximately 1.8% of Sandia Investment Management LP's investment portfolio, making the stock its 11th largest position. Sandia Investment Management LP's holdings in Nuvalent were worth $783,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rafferty Asset Management LLC boosted its position in Nuvalent by 38.3% during the fourth quarter. Rafferty Asset Management LLC now owns 59,276 shares of the company's stock valued at $4,640,000 after purchasing an additional 16,429 shares in the last quarter. Polar Capital Holdings Plc lifted its position in Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after acquiring an additional 584,223 shares during the last quarter. ProShare Advisors LLC boosted its stake in Nuvalent by 29.4% in the fourth quarter. ProShare Advisors LLC now owns 13,005 shares of the company's stock valued at $1,018,000 after acquiring an additional 2,953 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Finally, Parkman Healthcare Partners LLC increased its position in shares of Nuvalent by 0.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock worth $1,846,000 after purchasing an additional 188 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NUVL. HC Wainwright reissued a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group raised 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. One equities research 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $115.50.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares of the company's stock, valued at $16,981,820.46. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock valued at $4,066,730 in the last ninety days. Insiders own 12.52% of the company's stock.

Nuvalent Trading Up 0.4%

Shares of NUVL stock traded up $0.27 during mid-day trading on Thursday, reaching $73.93. The stock had a trading volume of 94,443 shares, compared to its average volume of 554,302. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of -21.30 and a beta of 1.42. The business's fifty day moving average is $71.52 and its 200-day moving average is $79.49.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its 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 quarter in the previous year, the firm posted ($0.69) earnings per share. On average, analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.