Nuvalent, Inc. $NUVL Shares Acquired by Braidwell LP

Key Points

• Braidwell LP increased its stake in Nuvalent, Inc. by 248.6% during the first quarter, now owning approximately $59.64 million in stock.
• Nuvalent's stock recently opened at $76.58, with a twelve month high of $113.51 and a market cap of $5.52 billion.
• Despite missing quarterly earnings estimates by 4 cents, analysts have a consensus rating of "Buy" for Nuvalent, with a price target averaging $120.80.

Braidwell LP boosted its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 248.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 840,945 shares of the company's stock after acquiring an additional 599,710 shares during the period. Nuvalent accounts for about 2.1% of Braidwell LP's holdings, making the stock its 18th biggest position. Braidwell LP owned approximately 1.17% of Nuvalent worth $59,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in NUVL. CWM LLC increased its position in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after acquiring an additional 359 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in Nuvalent in the 1st quarter valued at approximately $38,000. Quarry LP purchased a new stake in Nuvalent in the 4th quarter valued at approximately $39,000. Covestor Ltd boosted its holdings in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 861 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in Nuvalent in the 4th quarter valued at approximately $108,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Trading Up 0.2%

Shares of NASDAQ:NUVL traded up $0.13 during trading on Thursday, hitting $79.67. 603,357 shares of the stock were exchanged, compared to its average volume of 534,666. The company has a fifty day moving average price of $78.56 and a two-hundred day moving average price of $75.20. The company has a market cap of $5.75 billion, a PE ratio of -16.26 and a beta of 1.29. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month 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 (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the firm earned ($0.88) earnings per share. Equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on NUVL. Leerink Partners lifted their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Robert W. Baird lifted 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. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Piper Sandler began coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price objective on the stock. Finally, Raymond James Financial began coverage on Nuvalent in a report on Tuesday. They issued an "outperform" rating and a $105.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $120.91.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. This represents a 9.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 8,630 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total value of $689,278.10. Following the sale, the insider owned 63,101 shares of the company's stock, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,145 shares of company stock valued at $9,455,872 in the last quarter. 10.20% of the stock is currently owned by company insiders.

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.