20,994 Shares in Nuvalent, Inc. $NUVL Purchased by Voleon Capital Management LP

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 acquired a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,994 shares of the company's stock, valued at approximately $1,489,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Exchange Traded Concepts LLC increased its holdings in shares of Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares during the period. Parkman Healthcare Partners LLC raised its position in Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock worth $1,846,000 after purchasing an additional 188 shares in the last quarter. GF Fund Management CO. LTD. raised its position in Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock worth $119,000 after purchasing an additional 302 shares in the last quarter. CWM LLC raised its position in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent in the first quarter worth about $38,000. Institutional investors own 97.26% of the company's stock.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $75.42, for a total value of $2,036,340.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $18,784,256.04. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 3,725 shares of the firm's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $78.83, for a total transaction of $293,641.75. Following the completion of the sale, the insider owned 65,963 shares of the company's stock, valued at $5,199,863.29. This trade represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,670 shares of company stock worth $9,733,549 over the last ninety days. Company insiders own 10.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NUVL. Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Raymond James Financial assumed coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 price target on the stock. Wedbush reissued an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, September 8th. Guggenheim assumed coverage on shares of Nuvalent in a research note on Thursday, September 4th. They set a "buy" rating and a $122.00 price target on the stock. Finally, The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $120.91.

Nuvalent Price Performance

NUVL traded down $1.75 during mid-day trading on Friday, hitting $80.47. The stock had a trading volume of 405,266 shares, compared to its average volume of 391,654. The stock's fifty day simple moving average is $78.68 and its 200-day simple moving average is $75.24. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of -16.42 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 - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Nuvalent Company 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.