Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Virtu Financial LLC

Virtu Financial LLC reduced its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 56.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,200 shares of the company’s stock after selling 4,217 shares during the period. Virtu Financial LLC’s holdings in Nuvalent were worth $250,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. US Bancorp DE bought a new position in shares of Nuvalent during the 4th quarter valued at about $90,000. KBC Group NV boosted its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares in the last quarter. Portland Investment Counsel Inc. acquired a new position in Nuvalent in the third quarter worth approximately $205,000. 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 buying an additional 309 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in shares of Nuvalent during the 4th quarter valued at $257,000. 97.26% of the stock is currently owned by institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the sale, the insider now owns 59,981 shares of the company’s stock, valued at $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 4,016 shares of the 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 transaction, the chief financial officer now owns 61,734 shares in the company, valued at approximately $4,918,965.12. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,800 shares of company stock valued at $8,437,464. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Down 0.8 %

Shares of NASDAQ:NUVL opened at $73.05 on Friday. The firm has a fifty day moving average of $78.54 and a two-hundred day moving average of $87.27. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51. The firm has a market capitalization of $5.23 billion, a P/E ratio of -21.05 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Equities research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, March 14th. HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

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.