Diametric Capital LP Takes Position in Nuvalent, Inc. (NASDAQ:NUVL)

Diametric Capital LP purchased a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,706 shares of the company’s stock, valued at approximately $212,000.

Several other large investors also recently added to or reduced their stakes in NUVL. Charles Schwab Investment Management Inc. boosted its position in Nuvalent by 19.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 315,827 shares of the company’s stock worth $32,309,000 after purchasing an additional 50,536 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Nuvalent by 100.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 45,705 shares of the company’s stock valued at $4,676,000 after buying an additional 22,910 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Nuvalent by 6.7% in the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock worth $2,019,000 after buying an additional 1,231 shares during the period. Walleye Capital LLC bought a new position in Nuvalent in the 3rd quarter worth approximately $2,053,000. Finally, Verition Fund Management LLC purchased a new position in Nuvalent in the 3rd quarter valued at approximately $1,069,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Up 3.6 %

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

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

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,926,221.38. This trade represents a 9.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total value of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares of the company’s stock, valued at $18,091,436.38. The trade was a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,800 shares of company stock worth $8,437,464. 12.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on NUVL shares. 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. HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $113.44.

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.