Fred Alger Management LLC Reduces Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Fred Alger Management LLC reduced its stake in Nuvalent, Inc. by 39% in the first quarter, now holding approximately 0.26% of the company valued at $13.3 million.
• Multiple hedge funds have increased their positions in Nuvalent, with CWM LLC boosting its stake by 588.5% during the same period.
• Nuvalent's recent earnings report showed a loss of ($1.31) per share, missing estimates by ($0.04), with an average price target from analysts at $120.91.

Fred Alger Management LLC reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 39.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 187,902 shares of the company's stock after selling 120,155 shares during the period. Fred Alger Management LLC owned about 0.26% of Nuvalent worth $13,326,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in Nuvalent by 588.5% during the 1st 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 stake in Nuvalent during the 1st quarter worth approximately $38,000. Covestor Ltd boosted its stake in shares of Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after buying an additional 861 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Nuvalent in the 4th quarter worth approximately $108,000. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after buying an additional 161 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NUVL. HC Wainwright restated 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. Guggenheim began coverage on Nuvalent in a research note on Thursday, September 4th. They issued a "buy" rating and a $122.00 target price on the stock. Leerink Partners boosted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $120.91.

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 3,725 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $78.83, for a total transaction of $293,641.75. Following the sale, the insider owned 65,963 shares in the company, valued at $5,199,863.29. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction 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 owned 61,734 shares in the company, 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 have sold a total of 121,670 shares of company stock worth $9,733,549 over the last 90 days. Corporate insiders own 10.20% of the company's stock.

Nuvalent Stock Down 2.1%

Nuvalent stock traded down $1.75 during trading on Friday, hitting $80.47. The stock had a trading volume of 405,266 shares, compared to its average volume of 529,430. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The stock's 50 day moving average is $78.68 and its two-hundred day moving average is $75.22. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -16.42 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data 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 posted ($0.88) earnings per share. As a group, equities research analysts anticipate 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.