10 Worst Cancer Stocks To Buy Now According to Short Sellers

4. Nuvalent, Inc. (NASDAQ:NUVL)

Short % of Float: 20.38%

Number of Hedge Fund Holders: 29

Nuvalent, Inc. (NASDAQ:NUVL) is a clinical-stage biopharmaceutical company focused on developing precisely targeted therapies for kinase-driven cancers.

Barclays reaffirmed its Overweight rating on Nuvalent, Inc. (NASDAQ:NUVL) with a price target of $100. This positive outlook comes ahead of the company’s upcoming presentation at the European Society for Medical Oncology (ESMO) on its ALK and ROS1 inhibitor programs. Additionally, an update on the pivotal Phase 2 segment of the ARROS-1 trial is expected, a key milestone for drug development. Nuvalent, Inc. (NASDAQ:NUVL) has also initiated a Phase 1a/1b clinical trial for NVL-330, targeting HER2-altered non-small cell lung cancer to assess safety and efficacy.

The company’s strategy focuses on developing innovative molecules that address the limitations of earlier kinase inhibitors, such as resistance mutations, off-target adverse effects, and insufficient brain penetration. Nuvalent, Inc. (NASDAQ:NUVL) is also targeting other validated drug areas, including ROS1, ALK, and HER2.

As anticipation builds around Nuvalent, Inc. (NASDAQ:NUVL)’s drug candidates and forthcoming updates at the ESMO conference, the firm’s significant market capitalization of $5.72 billion highlights strong investor interest.

As of Q2 2024, 29 hedge funds tracked by Insider Monkey held positions in Nuvalent, Inc. (NASDAQ:NUVL), with James E. Flynn’s Deerfield Management leading the pack with a $1.51 billion investment.