Voleon Capital Management LP Invests $1.49 Million in Nuvalent, Inc. $NUVL

Key Points

• Voleon Capital Management LP acquired 20,994 shares of Nuvalent, Inc., totaling approximately $1.49 million during the first quarter.
• Nuvalent's stock has received multiple upgrades from analysts, with a consensus price target of $120.91 and ratings ranging from "Buy" to "Outperform."
• Insiders such as CFO Alexandra Balcom and CEO James Richard Porter have sold significant amounts of stock recently, indicating a 24.47% and 9.78% decrease in their respective positions.

Voleon Capital Management LP bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 20,994 shares of the company's stock, valued at approximately $1,489,000.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Nuvalent by 5,549.7% in the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after purchasing an additional 9,823 shares during the period. New York State Common Retirement Fund raised its stake in Nuvalent by 23.4% during the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after acquiring an additional 3,965 shares during the last quarter. American Century Companies Inc. raised its stake in Nuvalent by 51.3% during the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock valued at $20,003,000 after acquiring an additional 95,661 shares during the last quarter. US Bancorp DE raised its stake in Nuvalent by 58.8% during the 1st quarter. US Bancorp DE now owns 1,836 shares of the company's stock valued at $130,000 after acquiring an additional 680 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after acquiring an additional 2,572 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the sale, the chief executive officer owned 249,062 shares in the company, valued at $18,784,256.04. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexandra Balcom sold 14,700 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at $5,253,563.40. This trade represents a 19.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 121,670 shares of company stock worth $9,733,549. 10.20% of the stock is owned by insiders.

Nuvalent Stock Down 2.1%

Shares of NUVL traded down $1.75 on Friday, reaching $80.47. The stock had a trading volume of 405,266 shares, compared to its average volume of 529,430. The firm has a market capitalization of $5.80 billion, a PE ratio of -16.42 and a beta of 1.29. The firm has a 50-day moving average of $78.68 and a 200 day moving average of $75.22. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the business posted ($0.88) earnings per share. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on NUVL shares. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Raymond James Financial initiated coverage on Nuvalent in a research note on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 target price for the company. Robert W. Baird increased their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, Piper Sandler started coverage on Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $120.91.

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.