Nuvalent, Inc. $NUVL Position Lifted by Perceptive Advisors LLC

Key Points

• Perceptive Advisors LLC boosted its Nuvalent stake by 6.6% in the fourth quarter, adding 102,769 shares and bringing its holdings to 1,665,105 shares valued at about $167.5 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors owning 97.26% of Nuvalent’s stock. Several firms, including Goldman Sachs and AQR Capital Management, also increased their positions recently.
• Analysts turned more cautious on the stock, with multiple firms cutting Nuvalent to neutral/hold ratings; the consensus rating is now “Hold” with an average price target of $131.15.

Perceptive Advisors LLC increased its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,665,105 shares of the company's stock after buying an additional 102,769 shares during the period. Nuvalent accounts for about 3.0% of Perceptive Advisors LLC's portfolio, making the stock its 7th largest position. Perceptive Advisors LLC owned 2.29% of Nuvalent worth $167,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Nuvalent by 64.8% during the 1st quarter. AQR Capital Management LLC now owns 9,874 shares of the company's stock worth $700,000 after acquiring an additional 3,881 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Nuvalent by 54.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company's stock worth $32,171,000 after acquiring an additional 159,873 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Nuvalent by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company's stock worth $10,634,000 after acquiring an additional 12,123 shares in the last quarter. Intech Investment Management LLC grew its holdings in Nuvalent by 28.7% during the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock worth $1,366,000 after acquiring an additional 4,293 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in Nuvalent during the 2nd quarter worth about $412,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on NUVL shares. Cantor Fitzgerald cut shares of Nuvalent from an "overweight" rating to a "neutral" rating in a report on Tuesday, June 9th. Piper Sandler cut shares of Nuvalent from an "overweight" rating to a "neutral" rating and set a $124.00 target price on the stock. in a report on Tuesday, June 9th. HC Wainwright cut shares of Nuvalent from a "buy" rating to a "neutral" rating and set a $124.00 target price on the stock. in a report on Tuesday, June 9th. Robert W. Baird set a $122.85 target price on shares of Nuvalent in a report on Tuesday, June 9th. Finally, Lifesci Capital cut shares of Nuvalent from an "outperform" rating to a "hold" rating and set a $124.00 target price on the stock. in a report on Tuesday, June 9th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Nuvalent presently has an average rating of "Hold" and a consensus target price of $131.15.

Nuvalent Stock Performance

NUVL stock opened at $123.36 on Thursday. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of -20.36 and a beta of 1.15. The firm has a 50-day simple moving average of $105.32 and a two-hundred day simple moving average of $103.71. Nuvalent, Inc. has a one year low of $71.13 and a one year high of $123.62.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter last year, the firm earned ($1.18) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.

Insider Activity

In other Nuvalent news, CEO James Richard Porter sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $88.53, for a total transaction of $2,655,900.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares of the company's stock, valued at approximately $28,761,537.87. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $107.84, for a total transaction of $593,120.00. Following the sale, the insider directly owned 59,634 shares of the company's stock, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 126,953 shares of company stock valued at $12,612,264. Corporate insiders own 5.02% of the company's stock.

About Nuvalent

Nuvalent, Inc NASDAQ: NUVL is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company's research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent's lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.

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