Vestal Point Capital LP Raises Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Vestal Point Capital LP increased its holdings in Nuvalent, Inc. by 79.2% in the first quarter, making it the fourth largest position in their investment portfolio, valued at approximately $76.2 million.
• Nuvalent's stock has recently received positive ratings from analysts, with target prices raised by firms such as Goldman Sachs to $140 and Robert W. Baird to $112, reflecting a generally favorable outlook.
• The company reported an EPS of ($1.31) for the last quarter, missing estimates and indicating a decline from the previous year's EPS of ($0.88), leading analysts to forecast an average EPS of ($3.86) for the current fiscal year.

Vestal Point Capital LP boosted its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 79.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,075,000 shares of the company's stock after purchasing an additional 475,000 shares during the quarter. Nuvalent comprises 5.4% of Vestal Point Capital LP's portfolio, making the stock its 4th largest position. Vestal Point Capital LP owned about 1.50% of Nuvalent worth $76,239,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of NUVL. CWM LLC grew its stake in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Nuvalent during the first quarter worth $38,000. Covestor Ltd lifted its position in shares of 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 in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Nuvalent during the fourth quarter worth $108,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Nuvalent by 10.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In other news, insider Henry E. Pelish sold 8,630 shares of Nuvalent stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the transaction, the insider owned 63,101 shares of the company's stock, valued at $5,039,876.87. The trade was a 12.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at $4,939,954.68. This represents a 24.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,945 shares of company stock valued at $9,439,908. Company insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

NUVL has been the topic of several recent analyst reports. Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. Leerink Partners upped their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. HC Wainwright reaffirmed a "buy" rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Robert W. Baird upped their price target on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and an average target price of $120.91.

Nuvalent Price Performance

Shares of NUVL stock traded up $1.22 during trading hours on Friday, reaching $80.89. The stock had a trading volume of 438,160 shares, compared to its average volume of 421,732. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $113.51. The firm has a 50-day simple moving average of $78.60 and a 200-day simple moving average of $75.22. The firm has a market capitalization of $5.83 billion, a PE ratio of -16.51 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period last year, the business earned ($0.88) EPS. On average, equities analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.