Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in Nuvalent, Inc. (NASDAQ:NUVL) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,520 shares of the company’s stock after selling 153 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Nuvalent were worth $462,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of NUVL. Boxer Capital Management LLC purchased a new stake in Nuvalent during the 4th quarter worth about $87,689,000. Vestal Point Capital LP purchased a new position in shares of Nuvalent in the 4th quarter valued at about $46,968,000. Polar Capital Holdings Plc grew its position in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock worth $74,109,000 after buying an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Nuvalent by 142.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock worth $53,230,000 after buying an additional 400,000 shares during the period. Finally, Paradigm Biocapital Advisors LP raised its holdings in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock valued at $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. This trade represents a 9.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Henry E. Pelish sold 5,500 shares of the company’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $79.98, for a total transaction of $439,890.00. Following the transaction, the insider owned 60,956 shares of the company’s stock, valued at approximately $4,875,260.88. The trade was a 8.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,645 shares of company stock valued at $7,007,857 in the last ninety days. Insiders own 10.20% of the company’s stock.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $77.23 on Thursday. The firm’s fifty day simple moving average is $79.03 and its 200-day simple moving average is $76.27. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $113.51. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of -17.59 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the business posted ($0.69) EPS. Analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on NUVL. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners boosted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 24th. Robert W. Baird increased their target price on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a report on Wednesday, June 25th. HC Wainwright reaffirmed a “buy” rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $119.60.

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.