Vanguard Group Inc. Decreases Holdings in Nuvalent, Inc. $NUVL

Vanguard Group Inc. lessened its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 1.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,439,838 shares of the company’s stock after selling 60,026 shares during the period. Vanguard Group Inc. owned about 6.20% of Nuvalent worth $314,873,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NUVL. Boxer Capital Management LLC purchased a new stake in Nuvalent during the fourth quarter worth about $87,689,000. Vestal Point Capital LP purchased a new stake in Nuvalent during the fourth quarter worth about $46,968,000. Polar Capital Holdings Plc increased its holdings in 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 during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Nuvalent by 142.9% in 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 purchasing an additional 400,000 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP increased its stake in shares of Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

Shares of NUVL opened at $76.04 on Monday. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of -15.52 and a beta of 1.30. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $113.51. The firm has a 50 day moving average price of $78.87 and a 200-day moving average price of $75.84.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same period in the previous year, the company posted ($0.88) EPS. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 14,700 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value of $1,250,970.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $5,253,563.40. The trade was a 19.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $74.85, for a total transaction of $411,675.00. Following the completion of the sale, the insider owned 60,956 shares of the company’s stock, valued at approximately $4,562,556.60. The trade was a 8.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,145 shares of company stock worth $7,419,532. 10.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. Robert W. Baird raised their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research report on Wednesday, June 25th. Finally, Leerink Partners raised their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Tuesday, June 24th. Ten equities research analysts have rated the stock with 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 “Buy” and an average price target of $119.60.

Nuvalent Company 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.