Trexquant Investment LP Takes $4 Million Position in Nuvalent, Inc. (NASDAQ:NUVL)

Trexquant Investment LP acquired a new position in Nuvalent, Inc. (NASDAQ:NUVL) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 51,090 shares of the company’s stock, valued at approximately $3,999,000.

Several other hedge funds have also recently bought and sold shares of NUVL. Y Intercept Hong Kong Ltd acquired a new stake in shares of Nuvalent in the third quarter worth about $1,255,000. Lord Abbett & CO. LLC raised its stake in shares of Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after acquiring an additional 70,157 shares in the last quarter. Barclays PLC lifted its holdings in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after purchasing an additional 40,754 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock worth $3,551,000 after purchasing an additional 2,664 shares during the period. Finally, KBC Group NV grew its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the company’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 value of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,800 shares of company stock valued at $8,437,464 over the last ninety days. 12.52% of the stock is owned by company insiders.

Nuvalent Stock Performance

Shares of NUVL opened at $65.74 on Friday. Nuvalent, Inc. has a 52 week low of $61.80 and a 52 week high of $113.51. The firm has a market capitalization of $4.71 billion, a P/E ratio of -18.95 and a beta of 1.43. The company has a 50-day simple moving average of $77.38 and a 200-day simple moving average of $86.37.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. Finally, UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $113.44.

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.