Jefferies Financial Group Inc. Grows Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Key Points

• Jefferies Financial Group Inc. boosted its holdings in Nuvalent by 213.5%, acquiring an additional 23,795 shares during the first quarter, amounting to a total of 34,940 shares valued at approximately $2.48 million.
• Institutional investors now own 97.26% of Nuvalent's stock, with significant recent activity including JPMorgan Chase & Co. increasing its stake by 137.8% during the fourth quarter.
• Nuvalent reported a loss of $1.18 earnings per share for the latest quarter, missing analysts' estimates, and is projected to post an EPS of -3.86 for the current year.

Jefferies Financial Group Inc. lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 213.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,940 shares of the company's stock after acquiring an additional 23,795 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Nuvalent were worth $2,478,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Boxer Capital Management LLC purchased a new position in Nuvalent during the fourth quarter valued at approximately $87,689,000. Vestal Point Capital LP purchased a new position in Nuvalent during the fourth quarter valued at approximately $46,968,000. Polar Capital Holdings Plc increased its holdings in Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after buying an additional 584,223 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in Nuvalent by 142.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after buying an additional 400,000 shares during the period. Finally, Paradigm Biocapital Advisors LP increased its holdings in Nuvalent by 7.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after buying an additional 363,379 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several research reports. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Leerink Partners raised their target price 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. Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. Robert W. Baird raised their target price on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright restated a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $119.60.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction 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 directly owned 249,062 shares in the company, valued at $20,490,330.74. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Henry E. Pelish sold 8,630 shares of the business's stock in a transaction 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 transaction, the insider owned 63,101 shares of the company's stock, valued at $5,039,876.87. This represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,645 shares of company stock worth $7,007,857 over the last three months. Company insiders own 10.20% of the company's stock.

Nuvalent Trading Down 4.5%

Shares of NASDAQ:NUVL traded down $3.46 on Thursday, hitting $73.77. 46,759 shares of the company were exchanged, compared to its average volume of 541,731. 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 price is $79.03 and its 200 day moving average price is $76.27. The firm has a market capitalization of $5.30 billion, a P/E ratio of -16.98 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period last year, the business posted ($0.69) EPS. On average, equities 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.