Diametric Capital LP Acquires Shares of 2,706 Nuvalent, Inc. (NASDAQ:NUVL)

Diametric Capital LP acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the 4th quarter, HoldingsChannel reports. The fund acquired 2,706 shares of the company’s stock, valued at approximately $212,000.

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

Nuvalent Stock Up 3.6 %

Nuvalent stock opened at $70.46 on Thursday. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The company has a market capitalization of $5.04 billion, a P/E ratio of -20.31 and a beta of 1.42. The stock’s 50 day moving average is $78.02 and its 200 day moving average is $86.95.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,926,221.38. This trade represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares in the company, valued at $4,779,286.08. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,800 shares of company stock worth $8,437,464. 12.52% of the stock is owned by corporate insiders.

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.