Nuvalent, Inc. (NASDAQ:NUVL) Sees Significant Decline in Short Interest

Nuvalent, Inc. (NASDAQ:NUVL) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totaling 3,117,569 shares, a decrease of 40.5% from the May 31st total of 5,241,004 shares. Based on an average daily volume of 7,324,746 shares, the short-interest ratio is presently 0.4 days. Currently, 4.2% of the company’s stock are sold short.

Nuvalent Stock Up 0.1%

NASDAQ:NUVL traded up $0.13 on Thursday, reaching $123.73. The company’s stock had a trading volume of 1,296,996 shares, compared to its average volume of 1,351,104. The stock has a 50 day moving average price of $109.07 and a 200 day moving average price of $104.87. Nuvalent has a 12-month low of $71.13 and a 12-month high of $123.80. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of -20.42 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same quarter last year, the business posted ($1.18) EPS. Equities research analysts expect that Nuvalent will post -5.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Barclays reissued an “equal weight” rating and set a $124.00 price target (down from $152.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Raymond James Financial cut shares of Nuvalent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 9th. UBS Group lowered Nuvalent from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $138.00 to $124.00 in a report on Wednesday, June 10th. Cantor Fitzgerald cut shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $124.00 price target (up from $116.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Four equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $127.73.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $88.53, for a total value of $2,655,900.00. Following the completion of the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at $28,761,537.87. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the transaction, the insider owned 59,634 shares in the company, valued at approximately $6,430,930.56. This trade represents a 8.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 115,523 shares of company stock worth $11,409,713. 5.02% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

A number of large investors have recently modified their holdings of NUVL. RA Capital Management L.P. purchased a new stake in shares of Nuvalent during the third quarter worth approximately $107,794,000. Wellington Management Group LLP lifted its position in Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after acquiring an additional 724,491 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Nuvalent by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after purchasing an additional 639,264 shares during the period. Norges Bank acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $57,763,000. Finally, JPMorgan Chase & Co. boosted its stake in Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after purchasing an additional 545,542 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.