Nuvalent, Inc. $NUVL Stake Cut by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Nuvalent, Inc. by 41.6% during the first quarter, selling 283,000 shares, and now holds approximately 0.55% of the company valued at $28.15 million.
• Several other hedge funds increased their stakes in Nuvalent, with Braidwell LP raising its stake by 248.6%, now holding 840,945 shares worth $59.64 million.
• Despite missing earnings estimates with a reported loss of ($1.31) EPS, analysts remain optimistic, maintaining a consensus rating of "Buy" and an average price target of $120.91 for Nuvalent's stock.

Adage Capital Partners GP L.L.C. decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 41.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 397,000 shares of the company's stock after selling 283,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.55% of Nuvalent worth $28,155,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Robert W. Baird upped 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. Guggenheim assumed coverage on Nuvalent in a report on Thursday, September 4th. They issued a "buy" rating and a $122.00 price objective for the company. Piper Sandler assumed coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price objective for the company. Wedbush restated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday. Finally, The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $120.91.

Nuvalent Stock Down 0.3%

Shares of NASDAQ NUVL traded down $0.24 during mid-day trading on Wednesday, hitting $78.49. 59,750 shares of the company traded hands, compared to its average volume of 529,195. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of -16.02 and a beta of 1.29. The business has a 50 day moving average of $78.68 and a two-hundred day moving average of $75.17.

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 the consensus estimate of ($1.27) by ($0.04). During the same quarter last year, the firm earned ($0.88) earnings per share. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Activity

In other news, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $74.85, for a total transaction of $411,675.00. Following the completion of the sale, the insider directly owned 60,956 shares of the company's stock, valued at $4,562,556.60. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Friday, August 15th. The stock was 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 of the company's stock, valued at approximately $18,784,256.04. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,945 shares of company stock valued at $9,439,908 over the last three months. Insiders own 10.20% of the company's stock.

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.