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

A number of other institutional investors have also recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its stake in Nuvalent by 10.8% in the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock valued at $117,000 after buying an additional 161 shares in the last quarter. Parkman Healthcare Partners LLC lifted its stake in Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock valued at $1,846,000 after buying an additional 188 shares in the last quarter. GF Fund Management CO. LTD. lifted its stake in Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock valued at $119,000 after buying an additional 302 shares in the last quarter. CWM LLC lifted its stake in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd bought a new position in Nuvalent in the first quarter valued at approximately $38,000. Institutional investors own 97.26% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of research reports. Piper Sandler initiated coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. Guggenheim started coverage on shares of Nuvalent in a research report on Thursday, September 4th. They issued a "buy" rating and a $122.00 price objective on the stock. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, September 8th. Finally, Robert W. Baird boosted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $120.91.

Insiders Place Their Bets

In other Nuvalent news, CFO Alexandra Balcom sold 14,700 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total transaction 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. This represents a 19.23% 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, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the completion of the transaction, the chief executive officer directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 121,670 shares of company stock valued at $9,733,549. 10.20% of the stock is currently owned by corporate insiders.

Nuvalent Price Performance

NASDAQ NUVL traded down $1.75 on Friday, hitting $80.47. 405,266 shares of the stock were exchanged, compared to its average volume of 391,654. The business's fifty day moving average is $78.68 and its 200 day moving average is $75.24. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.51. The company has a market capitalization of $5.80 billion, a PE ratio of -16.42 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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 period in the previous year, the company earned ($0.88) EPS. Analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.