Boothbay Fund Management LLC Has $1.20 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Boothbay Fund Management LLC lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 5.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,307 shares of the company’s stock after purchasing an additional 839 shares during the quarter. Boothbay Fund Management LLC’s holdings in Nuvalent were worth $1,198,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NUVL shares. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $17,170,334.28. This trade represents a 9.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 83,000 shares of company stock valued at $6,185,150 in the last three months. 12.52% of the stock is currently owned by insiders.

Nuvalent Price Performance

NUVL opened at $75.20 on Tuesday. 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 fifty-two week low of $55.54 and a fifty-two week high of $113.51. The company’s 50-day moving average is $71.96 and its 200 day moving average is $82.06.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, analysts expect 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.