Alyeska Investment Group L.P. Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Alyeska Investment Group L.P. cut its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 10.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 102,605 shares of the company's stock after selling 12,395 shares during the period. Alyeska Investment Group L.P. owned 0.14% of Nuvalent worth $8,032,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Boxer Capital Management LLC purchased a new position in shares of Nuvalent during the fourth quarter worth about $87,689,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Nuvalent by 142.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after purchasing an additional 400,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Norges Bank purchased a new stake in shares of Nuvalent during the fourth quarter worth approximately $24,951,000. Finally, Wellington Management Group LLP raised its stake in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock worth $100,557,000 after purchasing an additional 272,738 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated 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 transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,000 shares of company stock valued at $6,185,150 in the last ninety days. Corporate insiders own 12.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NUVL. HC Wainwright reissued a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nuvalent presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Nuvalent Price Performance

Nuvalent stock traded down $1.75 during trading hours on Friday, hitting $69.85. The stock had a trading volume of 446,261 shares, compared to its average volume of 488,233. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of -20.13 and a beta of 1.42. The stock's fifty day moving average is $71.41 and its two-hundred day moving average is $80.41.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 business earned ($0.69) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

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.