Rhenman & Partners Asset Management AB Decreases Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Rhenman & Partners Asset Management AB decreased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 19.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 72,500 shares of the company’s stock after selling 17,500 shares during the quarter. Rhenman & Partners Asset Management AB’s holdings in Nuvalent were worth $5,675,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NUVL. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the fourth quarter valued at approximately $27,000. US Bancorp DE purchased a new stake in shares of Nuvalent in the fourth quarter worth about $90,000. KBC Group NV grew its stake in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after purchasing an additional 309 shares in the last quarter. Finally, Diametric Capital LP bought a new position in shares of Nuvalent in the fourth quarter worth $212,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $18,896,333.94. This trade represents a 9.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent 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 sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,800 shares of company stock worth $8,437,464 over the last quarter. 12.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NUVL has been the subject of a number of research analyst reports. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Friday, March 14th. Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.44.

Nuvalent Stock Down 3.8 %

NASDAQ:NUVL opened at $65.74 on Friday. The firm has a market capitalization of $4.71 billion, a P/E ratio of -18.95 and a beta of 1.42. The company has a fifty day moving average of $77.38 and a 200 day moving average of $86.50. Nuvalent, Inc. has a 52 week low of $61.80 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its 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, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.