51,090 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Trexquant Investment LP

Trexquant Investment LP bought a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 51,090 shares of the company’s stock, valued at approximately $3,999,000. Trexquant Investment LP owned 0.07% of Nuvalent at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its holdings in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after purchasing an additional 309 shares in the last quarter. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the 4th quarter worth $27,000. Alliancebernstein L.P. lifted its holdings in shares of Nuvalent by 1.3% in the fourth quarter. Alliancebernstein L.P. now owns 39,620 shares of the company’s stock valued at $3,101,000 after buying an additional 500 shares during the period. KBC Group NV boosted its stake 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 buying an additional 602 shares in the last quarter. Finally, NEOS Investment Management LLC grew its holdings in Nuvalent by 10.9% during the fourth quarter. NEOS Investment Management LLC now owns 11,617 shares of the company’s stock worth $909,000 after acquiring an additional 1,140 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NUVL has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. 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.com, Nuvalent presently has an average rating of “Moderate Buy” and a consensus target price of $113.44.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 17,301 shares of Nuvalent stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $19,845,260.16. This trade represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 218,522 shares in the company, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,800 shares of company stock valued at $8,437,464 over the last three months. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Performance

NASDAQ NUVL opened at $65.74 on Friday. The firm’s 50 day moving average price is $77.38 and its two-hundred day moving average price is $86.37. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of -18.95 and a beta of 1.43.

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

About Nuvalent

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.