Driehaus Capital Management LLC Has $37.67 Million Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Driehaus Capital Management LLC reduced its stake in Nuvalent, Inc. by 33%, resulting in ownership of $37.67 million worth of stock after selling over 262,000 shares.
• Nuvalent's stock opened at $76.02 and has a market cap of $5.48 billion, but recently reported losses with earnings per share of ($1.31), missing analyst estimates.
• Insiders sold significant shares recently, with transactions totaling over $9.4 million, indicating a notable reduction in their ownership positions.

Driehaus Capital Management LLC reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 531,210 shares of the company's stock after selling 262,206 shares during the quarter. Driehaus Capital Management LLC owned 0.74% of Nuvalent worth $37,673,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boxer Capital Management LLC acquired a new position in Nuvalent in the 4th quarter valued at approximately $87,689,000. Vestal Point Capital LP bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $46,968,000. Polar Capital Holdings Plc raised its stake in shares of Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after purchasing an additional 584,223 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Nuvalent in the first quarter worth $31,969,000. Finally, Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after buying an additional 363,379 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Down 0.1%

NUVL stock opened at $76.02 on Friday. The business has a fifty day moving average of $78.51 and a 200-day moving average of $75.29. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $113.51. The company has a market cap of $5.48 billion, a P/E ratio of -15.51 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 period in the previous year, the company posted ($0.88) earnings per share. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Henry E. Pelish sold 5,500 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $74.85, for a total value of $411,675.00. Following the completion of the transaction, the insider directly owned 60,956 shares in the company, valued at approximately $4,562,556.60. The trade was a 8.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $5,253,563.40. The trade was a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,145 shares of company stock worth $9,455,872. Company insiders own 10.20% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NUVL shares. Leerink Partners increased their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. HC Wainwright reissued a "buy" rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Piper Sandler assumed coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 target price for the company. Finally, Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $120.80.

Nuvalent 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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