Voloridge Investment Management LLC Sells 142,160 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Voloridge Investment Management LLC decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 45.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 170,844 shares of the company’s stock after selling 142,160 shares during the quarter. Voloridge Investment Management LLC’s holdings in Nuvalent were worth $13,374,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the 4th quarter worth approximately $27,000. Quarry LP acquired a new stake in Nuvalent during the 4th quarter valued at $39,000. US Bancorp DE bought a new position in Nuvalent during the fourth quarter worth $90,000. KBC Group NV increased its holdings in shares of 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 increased 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 valued at $205,000 after purchasing an additional 309 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business’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 completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,000 shares of company stock valued at $4,066,730. 12.52% of the stock is currently owned by company insiders.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $73.49 on Friday. The firm has a 50-day moving average of $71.38 and a 200-day moving average of $79.25. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The stock has a market cap of $5.26 billion, a PE ratio of -21.18 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data 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 last year, the business posted ($0.69) EPS. Equities research 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.