Edgestream Partners L.P. Purchases 8,895 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Edgestream Partners L.P. raised its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 314.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,724 shares of the company’s stock after buying an additional 8,895 shares during the quarter. Edgestream Partners L.P.’s holdings in Nuvalent were worth $918,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. E Fund Management Co. Ltd. lifted its position in Nuvalent by 53.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 4,213 shares of the company’s stock valued at $330,000 after acquiring an additional 1,460 shares during the last quarter. Candriam S.C.A. increased its position in shares of Nuvalent by 15.6% during the fourth quarter. Candriam S.C.A. now owns 368,095 shares of the company’s stock worth $28,814,000 after purchasing an additional 49,728 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Nuvalent during the 4th quarter valued at $10,487,000. Arizona State Retirement System boosted its position in shares of Nuvalent by 21.9% in the 4th quarter. Arizona State Retirement System now owns 10,379 shares of the company’s stock worth $812,000 after purchasing an additional 1,867 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in Nuvalent during the 4th quarter worth $376,000. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on NUVL. BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Nuvalent Trading Up 4.3 %

Shares of NASDAQ NUVL opened at $70.25 on Wednesday. The company has a 50 day simple moving average of $78.95 and a two-hundred day simple moving average of $88.17. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of -20.24 and a beta of 1.42. Nuvalent, Inc. has a 12 month low of $61.80 and a 12 month high of $113.51.

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

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 4,016 shares of the business’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 $319,994.88. Following the completion of the transaction, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock valued at $8,895,004 in the last quarter. 12.52% of the stock is currently owned by company 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.