Silverarc Capital Management LLC Has $31.31 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Silverarc Capital Management LLC lifted its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 7.7% in the 4th quarter, Holdings Channel reports. The fund owned 400,014 shares of the company’s stock after buying an additional 28,573 shares during the quarter. Nuvalent accounts for approximately 6.8% of Silverarc Capital Management LLC’s holdings, making the stock its largest position. Silverarc Capital Management LLC’s holdings in Nuvalent were worth $31,313,000 as of its most recent SEC filing.

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

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at $17,170,334.28. This represents a 9.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the completion of the sale, the director now directly owns 218,522 shares of the company’s stock, valued at $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,000 shares of company stock worth $6,350,730 in the last three months. 12.52% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of research reports. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. One equities research 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 company’s stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Nuvalent Stock Down 2.4 %

NUVL stock opened at $69.95 on Tuesday. The firm has a 50-day simple moving average of $72.55 and a 200-day simple moving average of $83.08. Nuvalent, Inc. has a 52 week low of $55.54 and a 52 week high of $113.51. The stock has a market capitalization of $5.01 billion, a P/E ratio of -20.16 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.