D. E. Shaw & Co. Inc. Sells 68,669 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

D. E. Shaw & Co. Inc. trimmed its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 28.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,912 shares of the company’s stock after selling 68,669 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.25% of Nuvalent worth $13,849,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Summit Investment Advisors Inc. boosted its stake in Nuvalent by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after buying an additional 167 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after acquiring an additional 309 shares during the period. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the 4th quarter valued at $27,000. Alliancebernstein L.P. grew its holdings in shares of Nuvalent by 1.3% in the 4th quarter. Alliancebernstein L.P. now owns 39,620 shares of the company’s stock worth $3,101,000 after purchasing an additional 500 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Nuvalent during the 4th quarter worth about $39,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $71.42 on Wednesday. The firm has a 50 day simple moving average of $71.41 and a 200 day simple moving average of $80.13. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The firm has a market cap of $5.11 billion, a P/E ratio of -20.58 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last announced 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 previous year, the company posted ($0.69) earnings per share. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock worth $6,185,150 over the last 90 days. Insiders own 12.52% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on NUVL. HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group raised Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $115.50.

About Nuvalent

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.