Tudor Investment Corp ET AL Acquires Shares of 46,263 Nuvalent, Inc. (NASDAQ:NUVL)

Tudor Investment Corp ET AL bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 46,263 shares of the company's stock, valued at approximately $3,621,000. Tudor Investment Corp ET AL owned 0.07% of Nuvalent at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of Nuvalent by 149.0% during the third 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 last quarter. Virtu Financial LLC acquired a new stake in Nuvalent during the 3rd quarter valued at approximately $759,000. Lord Abbett & CO. LLC raised its holdings in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock worth $31,546,000 after purchasing an additional 70,157 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock valued at $3,551,000 after purchasing an additional 2,664 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Nuvalent by 46.1% during the fourth quarter. SG Americas Securities LLC now owns 10,793 shares of the company's stock worth $845,000 after buying an additional 3,408 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nuvalent

In related news, 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 transaction of $2,118,420.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at $19,541,404.52. The trade was a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction 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 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. In the last quarter, insiders have sold 83,000 shares of company stock valued at $6,185,150. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Performance

Nuvalent stock traded down $7.24 during mid-day trading on Tuesday, reaching $68.19. The stock had a trading volume of 966,685 shares, compared to its average volume of 478,778. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The stock's 50-day simple moving average is $71.73 and its 200-day simple moving average is $81.12. The firm has a market capitalization of $4.88 billion, a PE ratio of -19.65 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). On average, research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group upgraded 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. Finally, Wedbush reiterated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.