Covestor Ltd Raises Position in Nuvalent, Inc. (NASDAQ:NUVL)

Covestor Ltd grew its position in Nuvalent, Inc. (NASDAQ:NUVL) by 705.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 983 shares of the company’s stock after acquiring an additional 861 shares during the period. Covestor Ltd’s holdings in Nuvalent were worth $70,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NUVL. CWM LLC boosted its holdings in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after buying an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Nuvalent during the first quarter worth about $38,000. Quarry LP purchased a new stake in Nuvalent during the fourth quarter worth about $39,000. GF Fund Management CO. LTD. purchased a new stake in Nuvalent during the fourth quarter worth about $108,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Nuvalent by 10.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock worth $117,000 after buying an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares of the company’s stock, valued at approximately $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company’s stock, valued at $20,490,330.74. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,145 shares of company stock valued at $7,419,532. Insiders own 10.20% of the company’s stock.

Nuvalent Price Performance

NASDAQ:NUVL opened at $78.24 on Thursday. The firm has a 50 day simple moving average of $78.94 and a 200-day simple moving average of $76.09. The firm has a market cap of $5.62 billion, a PE ratio of -15.97 and a beta of 1.30. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted 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 quarter last year, the business earned ($0.88) EPS. As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NUVL. Leerink Partners lifted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. Robert W. Baird lifted their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 25th. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Monday, July 21st. Finally, HC Wainwright restated a “buy” rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus 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.