Lord Abbett & CO. LLC Lowers Stock Holdings in Nuvalent, Inc. $NUVL

Key Points

• Lord Abbett & CO. LLC reduced their stake in Nuvalent, Inc. by 37.8%, selling 112,621 shares and owning 184,967 shares by the end of the first quarter.
• CEO James Richard Porter and CFO Alexandra Balcom sold substantial amounts of company stock, resulting in a 9.78% and 24.47% decrease in their holdings, respectively.
• Nuvalent's stock is trading at $76.04, down 1.0%, with analysts projecting a consensus average target price of $119.60 for the company.

Lord Abbett & CO. LLC decreased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 37.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 184,967 shares of the company's stock after selling 112,621 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.26% of Nuvalent worth $13,118,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of 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 during the last quarter. Quarry LP acquired a new position in Nuvalent in the fourth quarter valued at $39,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent in the first quarter valued at about $38,000. Covestor Ltd raised its stake in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after purchasing an additional 861 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new stake in Nuvalent during the 4th quarter worth $108,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $0.36 on Thursday, hitting $72.88. The company's stock had a trading volume of 114,316 shares, compared to its average volume of 537,607. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51. The firm has a fifty day moving average price of $78.68 and a 200-day moving average price of $75.74. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -14.86 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) earnings per share. As a group, analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent 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 sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $20,490,330.74. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,145 shares of company stock valued at $9,455,872. Insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

NUVL has been the topic of a number of recent analyst reports. HC Wainwright restated a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, July 21st. Robert W. Baird boosted their price target on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. 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. Finally, The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $118.91.

About Nuvalent

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.