Boothbay Fund Management LLC Acquires 839 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Boothbay Fund Management LLC increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,307 shares of the company’s stock after acquiring an additional 839 shares during the quarter. Boothbay Fund Management LLC’s holdings in Nuvalent were worth $1,198,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Crowley Wealth Management Inc. bought a new position in shares of Nuvalent during the fourth quarter worth approximately $27,000. US Bancorp DE acquired a new stake in Nuvalent during the fourth quarter worth approximately $90,000. KBC Group NV increased its stake in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after acquiring an additional 602 shares during the period. Commonwealth Equity Services LLC raised its holdings 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 acquiring an additional 309 shares in the last quarter. Finally, Diametric Capital LP bought a new stake in shares of Nuvalent during the 4th quarter valued at $212,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised shares of 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. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.50.

Nuvalent Trading Up 2.3 %

Shares of Nuvalent stock opened at $75.20 on Tuesday. The firm’s 50 day moving average is $71.96 and its 200 day moving average is $82.06. The firm has a market capitalization of $5.38 billion, a PE ratio of -21.67 and a beta of 1.43. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results 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). As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The shares were 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 owns 249,062 shares of the company’s stock, valued at $17,170,334.28. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,000 shares of company stock valued at $6,185,150 in the last 90 days. Corporate insiders own 12.52% of the company’s stock.

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.