ArrowMark Colorado Holdings LLC Has $23.12 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

ArrowMark Colorado Holdings LLC increased its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,350 shares of the company’s stock after buying an additional 198 shares during the quarter. ArrowMark Colorado Holdings LLC owned about 0.42% of Nuvalent worth $23,120,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the 4th quarter worth $27,000. Quarry LP acquired a new stake in Nuvalent during the fourth quarter worth about $39,000. US Bancorp DE bought a new position in Nuvalent in the 4th quarter valued at about $90,000. KBC Group NV raised its position in shares of Nuvalent by 61.1% in the 4th 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, Commonwealth Equity Services LLC lifted its holdings in shares of Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after acquiring an additional 309 shares during the period. Institutional investors own 97.26% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NUVL shares. Wedbush reissued 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 price target on shares of Nuvalent in a report on Monday, March 3rd. 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 note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.50.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,896,333.94. 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 through the SEC website. 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 $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock valued at $6,185,150 over the last 90 days. 12.52% of the stock is owned by insiders.

Nuvalent Trading Up 1.6 %

Shares of NUVL stock opened at $77.46 on Friday. The business’s 50-day moving average price is $71.77 and its 200-day moving average price is $81.62. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of -22.32 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL) last posted 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). On average, sell-side analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.