Two Sigma Advisers LP Decreases Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Two Sigma Advisers LP reduced its position in Nuvalent, Inc. (NASDAQ:NUVL) by 8.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,100 shares of the company’s stock after selling 12,100 shares during the period. Two Sigma Advisers LP owned approximately 0.20% of Nuvalent worth $10,967,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. boosted its position in Nuvalent by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after buying an additional 167 shares during the last quarter. Parkman Healthcare Partners LLC boosted its position in Nuvalent by 0.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock valued at $1,846,000 after buying an additional 188 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after buying an additional 309 shares during the last quarter. Crowley Wealth Management Inc. purchased a new position in Nuvalent in the 4th quarter valued at about $27,000. Finally, Alliancebernstein L.P. boosted its position in Nuvalent by 1.3% in the 4th 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 last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

Nuvalent stock opened at $73.23 on Friday. The company has a 50 day moving average price of $71.44 and a 200 day moving average price of $79.38. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of -21.10 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the business earned ($0.69) EPS. Equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,000 shares of company stock worth $4,066,730. 12.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on NUVL shares. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.50.

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.