Rafferty Asset Management LLC Sells 8,084 Shares of Nuvalent, Inc. $NUVL

Key Points

• Rafferty Asset Management LLC decreased its stake in Nuvalent, Inc. by 13.6%, owning 51,192 shares valued at approximately $3.63 million as of the latest filing.
• Several analysts have recently adjusted their price targets for Nuvalent, with targets ranging from $112.00 to $140.00, reflecting strong confidence with an average consensus price target of $120.80.
• Nuvalent reported a loss of ($1.31) earnings per share in its most recent earnings release, missing the expected estimate of ($1.27).

Rafferty Asset Management LLC lessened its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 13.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,192 shares of the company's stock after selling 8,084 shares during the period. Rafferty Asset Management LLC owned about 0.07% of Nuvalent worth $3,631,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC grew its position in shares of Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after acquiring an additional 359 shares during the period. Quarry LP acquired a new stake in shares of Nuvalent during the 4th quarter worth about $39,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent during the 1st quarter worth about $38,000. Covestor Ltd lifted its stake in shares of Nuvalent by 705.7% during 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. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Nuvalent during the 4th quarter worth about $108,000. Institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

Nuvalent stock traded up $0.56 during midday trading on Monday, hitting $76.58. The company's stock had a trading volume of 418,360 shares, compared to its average volume of 435,414. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The company has a 50-day moving average price of $78.55 and a two-hundred day moving average price of $75.16. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the business posted ($0.88) EPS. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Buying and Selling at Nuvalent

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price for the company. Leerink Partners raised their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating 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. HC Wainwright restated a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Finally, Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Nuvalent currently 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.