Candriam S.C.A. Has $25.12 Million Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Candriam S.C.A. has reduced its stake in Nuvalent, Inc. by 3.8%, selling 13,966 shares, and now owns approximately 0.49% of the company valued at $25.1 million.
• Insider trading activity includes CEO James Richard Porter selling 27,000 shares, affecting a 9.78% decrease in his ownership, while CFO Alexandra Balcom sold 14,700 shares, representing a 19.23% decrease in her position.
• Multiple analysts have upgraded Nuvalent, with a consensus target price set at $118.91, reflecting confidence in the company's future performance amid its clinical trials for cancer therapies.

Candriam S.C.A. lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 354,129 shares of the company's stock after selling 13,966 shares during the period. Candriam S.C.A. owned about 0.49% of Nuvalent worth $25,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NUVL. Paradigm Biocapital Advisors LP lifted its stake in Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Wellington Management Group LLP grew its stake in Nuvalent by 12.3% during the 1st quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock valued at $102,294,000 after acquiring an additional 157,809 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Nuvalent by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after purchasing an additional 215,633 shares during the period. Woodline Partners LP lifted its position in shares of Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after purchasing an additional 11,248 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new stake in shares of Nuvalent in the fourth quarter worth approximately $87,689,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insider Activity at Nuvalent

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NUVL shares. Robert W. Baird increased their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Leerink Partners raised their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Wedbush restated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Finally, Piper Sandler began coverage on Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. One research 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 company currently has an average rating of "Buy" and an average price target of $118.91.

Nuvalent Trading Up 0.6%

NUVL stock traded up $0.48 during trading on Tuesday, hitting $74.53. The company had a trading volume of 66,500 shares, compared to its average volume of 533,732. The company has a fifty day moving average price of $78.51 and a two-hundred day moving average price of $75.34. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $113.51. The company has a market cap of $5.37 billion, a P/E ratio of -15.16 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data 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 prior year, the company earned ($0.88) earnings per share. On average, analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current 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.