68,780 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 68,780 shares of the company’s stock, valued at approximately $7,036,000. Polar Asset Management Partners Inc. owned about 0.11% of Nuvalent as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Edgestream Partners L.P. purchased a new position in shares of Nuvalent in the second quarter worth about $1,191,000. Citigroup Inc. increased its stake in shares of Nuvalent by 14.9% in the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after purchasing an additional 12,256 shares in the last quarter. First Turn Management LLC increased its stake in shares of Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after purchasing an additional 155,276 shares in the last quarter. Finally, Samlyn Capital LLC purchased a new position in shares of Nuvalent in the second quarter worth about $17,397,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. This represents a 0.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is currently owned by insiders.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $94.75 on Wednesday. The firm has a market cap of $6.73 billion, a PE ratio of -27.31 and a beta of 1.31. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The company has a 50 day simple moving average of $96.67 and a two-hundred day simple moving average of $85.19.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the company posted ($0.59) EPS. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

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.