Nicholas Investment Partners LP Has $5.98 Million Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Nicholas Investment Partners LP trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 23.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,427 shares of the company’s stock after selling 23,644 shares during the quarter. Nicholas Investment Partners LP owned 0.11% of Nuvalent worth $5,983,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the fourth quarter worth about $27,000. Quarry LP bought a new stake in shares of Nuvalent in the fourth quarter worth $39,000. US Bancorp DE bought a new position in Nuvalent in the fourth quarter valued at $90,000. KBC Group NV lifted its position in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Nuvalent by 13.4% in the 4th 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 in the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NUVL. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Friday, March 14th. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company’s 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 represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 83,000 shares of company stock worth $6,185,150. 12.52% of the stock is owned by insiders.

Nuvalent Trading Down 3.0%

NUVL stock opened at $71.42 on Wednesday. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The business’s 50 day simple moving average is $71.41 and its 200 day simple moving average is $80.13. The firm has a market capitalization of $5.11 billion, a PE ratio of -20.58 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last released 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 period in the previous year, the company earned ($0.69) EPS. As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.