44,315 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. purchased a new position in Nuvalent, Inc. (NASDAQ:NUVL) during the fourth quarter, Holdings Channel.com reports. The firm purchased 44,315 shares of the company’s stock, valued at approximately $3,469,000.

A number of other institutional investors have also recently bought and sold shares of NUVL. Barclays PLC boosted its position in Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. JPMorgan Chase & Co. boosted its position in Nuvalent by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock worth $3,551,000 after acquiring an additional 2,664 shares during the period. SG Americas Securities LLC boosted its position in Nuvalent by 46.1% during the 4th quarter. SG Americas Securities LLC now owns 10,793 shares of the company’s stock worth $845,000 after acquiring an additional 3,408 shares during the period. KBC Group NV boosted its position 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. Finally, China Universal Asset Management Co. Ltd. boosted its position in Nuvalent by 21.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,913 shares of the company’s stock worth $1,089,000 after acquiring an additional 2,496 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s 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 completion of the sale, the director now 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is currently owned by insiders.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $69.85 on Monday. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -20.13 and a beta of 1.42. Nuvalent, Inc. has a 52-week low of $55.54 and a 52-week high of $113.51. The stock has a 50-day simple moving average of $71.41 and a 200-day simple moving average of $80.31.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter last year, the business posted ($0.69) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NUVL shares. UBS Group upgraded 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. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.