Affinity Asset Advisors LLC Acquires 50,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Affinity Asset Advisors LLC raised its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 33.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 200,000 shares of the company’s stock after purchasing an additional 50,000 shares during the quarter. Nuvalent accounts for approximately 1.7% of Affinity Asset Advisors LLC’s investment portfolio, making the stock its 14th biggest position. Affinity Asset Advisors LLC owned about 0.31% of Nuvalent worth $15,172,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of NUVL. Rhenman & Partners Asset Management AB boosted its stake in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares in the last quarter. Renaissance Capital LLC bought a new position in shares of Nuvalent in the 1st quarter valued at $1,301,000. Parkman Healthcare Partners LLC bought a new stake in Nuvalent during the 4th quarter worth $4,406,000. Commodore Capital LP increased its holdings in Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new position in Nuvalent in the second quarter valued at about $1,191,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL stock opened at $101.30 on Wednesday. The stock’s 50 day simple moving average is $83.10 and its 200 day simple moving average is $76.67. The company has a market cap of $6.54 billion, a P/E ratio of -42.03 and a beta of 1.28. Nuvalent, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the prior year, the business earned ($0.51) earnings per share. Equities analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NUVL. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Finally, Wedbush increased their price target on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $111.00.

Insider Activity

In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,511,819. The sale 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 the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the completion of the transaction, the director now owns 230,522 shares in the company, valued at approximately $18,347,245.98. The disclosure for this sale can be found here. Insiders sold 115,629 shares of company stock worth $9,901,758 over the last three months. 12.52% of the stock is currently owned by insiders.

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.