Balyasny Asset Management L.P. Buys Shares of 44,315 Nuvalent, Inc. (NASDAQ:NUVL)

Balyasny Asset Management L.P. bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 44,315 shares of the company’s stock, valued at approximately $3,469,000. Balyasny Asset Management L.P. owned about 0.06% of Nuvalent as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in NUVL. Crowley Wealth Management Inc. bought a new stake in Nuvalent in the fourth quarter valued at $27,000. Quarry LP bought a new stake in Nuvalent in the fourth quarter valued at $39,000. US Bancorp DE bought a new stake in Nuvalent in the fourth quarter valued at $90,000. KBC Group NV lifted its stake in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after buying an additional 602 shares during the last quarter. Finally, 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 last quarter. 97.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NUVL has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.50.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $19,541,404.52. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock valued at $6,185,150 over the last three months. Company insiders own 12.52% of the company’s stock.

Nuvalent Stock Down 2.4%

NASDAQ:NUVL opened at $69.85 on Monday. The business’s 50-day moving average price is $71.41 and its 200 day moving average price is $80.31. The firm has a market cap of $5.00 billion, a P/E 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.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the business earned ($0.69) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Nuvalent Company 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.