Candriam S.C.A. Sells 13,966 Shares of 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% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Paradigm Biocapital Advisors LP grew its position in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after acquiring an additional 363,379 shares during the last quarter. Wellington Management Group LLP grew its position in Nuvalent by 12.3% in the first 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 during the last quarter. Price T Rowe Associates Inc. MD grew its position in Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares during the last quarter. Woodline Partners LP grew its position in Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after acquiring an additional 11,248 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new position in Nuvalent in the fourth quarter valued at about $87,689,000. Institutional investors own 97.26% of the company's stock.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 249,062 shares in the company, valued at $18,784,256.04. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were 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 of the company's stock, valued at approximately $5,253,563.40. This represents a 19.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,145 shares of company stock worth $9,455,872 over the last quarter. 10.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NUVL has been the topic of several research reports. Piper Sandler initiated coverage on Nuvalent in a report on Tuesday. They set an "overweight" rating and a $112.00 price target on the stock. Leerink Partners boosted their price target on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. HC Wainwright restated a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Robert W. Baird boosted their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $118.91.

Nuvalent Stock Performance

Shares of NUVL opened at $73.24 on Thursday. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $113.51. The business's 50 day moving average price is $78.68 and its two-hundred day moving average price is $75.74. The firm has a market cap of $5.28 billion, a PE ratio of -14.95 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the previous year, the business earned ($0.88) earnings per share. Research analysts predict that Nuvalent, Inc. will post -3.86 EPS 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.

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