Soleus Capital Management L.P. Has $8.17 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Soleus Capital Management L.P. raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 40.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,357 shares of the company’s stock after buying an additional 30,000 shares during the period. Soleus Capital Management L.P. owned about 0.15% of Nuvalent worth $8,169,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Crowley Wealth Management Inc. purchased a new stake in shares of Nuvalent during the fourth quarter worth $27,000. Quarry LP purchased a new stake in shares of Nuvalent during the 4th quarter worth about $39,000. US Bancorp DE acquired a new stake in shares of Nuvalent during the 4th quarter valued at about $90,000. KBC Group NV grew its stake in shares of Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after buying an additional 602 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased 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 buying an additional 309 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on NUVL shares. 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. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $115.50.

Nuvalent Trading Up 3.3%

NASDAQ:NUVL opened at $73.32 on Monday. The firm has a market capitalization of $5.25 billion, a PE ratio of -21.13 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The firm’s fifty day simple moving average is $71.54 and its 200 day simple moving average is $79.67.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the business earned ($0.69) earnings per share. As a group, analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at $19,541,404.52. This represents a 9.78% decrease in their ownership of the stock. 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 in the last three months. Company insiders own 12.52% of the company’s stock.

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.