Polar Asset Management Partners Inc. Sells 43,200 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Polar Asset Management Partners Inc. decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 62.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,580 shares of the company’s stock after selling 43,200 shares during the period. Polar Asset Management Partners Inc.’s holdings in Nuvalent were worth $2,002,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the 4th quarter valued at about $27,000. Quarry LP purchased a new position in Nuvalent in the 4th quarter worth approximately $39,000. US Bancorp DE purchased a new position in Nuvalent in the 4th quarter worth approximately $90,000. KBC Group NV lifted its position in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Nuvalent by 13.4% in 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 during the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL stock opened at $73.32 on Friday. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -21.13 and a beta of 1.42. The business’s 50 day moving average price is $71.54 and its two-hundred day moving average price is $79.80.

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

Wall Street Analyst Weigh In

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

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at $17,170,334.28. This represents a 9.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’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 transaction, the director now directly owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. This trade represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 83,000 shares of company stock valued at $6,185,150 in the last three months. 12.52% of the stock is currently owned by company insiders.

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.