Nuvalent, Inc. $NUVL is Vestal Point Capital LP’s 4th Largest Position

Vestal Point Capital LP increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 79.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,075,000 shares of the company’s stock after purchasing an additional 475,000 shares during the quarter. Nuvalent accounts for approximately 5.4% of Vestal Point Capital LP’s investment portfolio, making the stock its 4th largest holding. Vestal Point Capital LP owned 1.50% of Nuvalent worth $76,239,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NUVL. CWM LLC raised its position in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after buying an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent in the first quarter worth $38,000. Covestor Ltd raised its holdings in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after purchasing an additional 861 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Nuvalent during the fourth quarter worth $108,000. Finally, Exchange Traded Concepts LLC lifted its position in Nuvalent by 10.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of several analyst reports. Robert W. Baird boosted their price objective on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a report on Wednesday, June 25th. The Goldman Sachs Group raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, June 30th. Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 price objective for the company. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, July 21st. Finally, Leerink Partners raised their target price on Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $120.80.

Nuvalent Price Performance

NASDAQ NUVL opened at $76.58 on Tuesday. The stock’s 50 day simple moving average is $78.55 and its 200-day simple moving average is $75.16. The company has a market cap of $5.52 billion, a PE ratio of -15.63 and a beta of 1.29. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the previous year, the firm posted ($0.88) earnings per share. On average, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity

In other news, CFO Alexandra Balcom sold 14,700 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at approximately $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 5,500 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $74.85, for a total transaction of $411,675.00. Following the transaction, the insider owned 60,956 shares in the company, valued at $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. Insiders sold 118,145 shares of company stock worth $9,455,872 over the last three months. Insiders own 10.20% of the company’s stock.

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.