Brevan Howard Capital Management LP Buys Shares of 3,519 Nuvalent, Inc. (NASDAQ:NUVL)

Brevan Howard Capital Management LP purchased a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,519 shares of the company’s stock, valued at approximately $275,000.

A number of other large investors have also made changes to their positions in NUVL. Balyasny Asset Management L.P. purchased a new position in shares of Nuvalent in the fourth quarter worth approximately $3,469,000. Bank of America Corp DE raised its position in Nuvalent by 196.0% in the fourth quarter. Bank of America Corp DE now owns 262,768 shares of the company’s stock worth $20,569,000 after acquiring an additional 173,987 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Nuvalent during the 4th quarter worth $1,359,000. Ameriprise Financial Inc. grew its position in shares of Nuvalent by 260.9% during the 4th quarter. Ameriprise Financial Inc. now owns 237,556 shares of the company’s stock valued at $18,595,000 after acquiring an additional 171,725 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Nuvalent during the 4th quarter valued at $1,538,000. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the business’s 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $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. Over the last quarter, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is owned by insiders.

Nuvalent Trading Down 2.4%

NASDAQ:NUVL opened at $69.85 on Monday. The stock has a 50-day moving average price of $71.41 and a 200 day moving average price of $80.31. The stock has a market capitalization of $5.00 billion, a P/E ratio of -20.13 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 quarter last year, the firm earned ($0.69) EPS. On average, research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Nuvalent 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.