Nuvalent, Inc. $NUVL Shares Bought by Parkman Healthcare Partners LLC

Key Points

• Parkman Healthcare Partners LLC significantly increased its stake in Nuvalent, Inc. by 366.3% during the first quarter, owning 109,988 shares worth approximately $7.8 million.
• CEO James Richard Porter sold 27,000 shares of Nuvalent, decreasing his ownership by 9.78%, while insiders have collectively sold 117,945 shares valued at about $9.4 million over the last three months.
• Analysts remain optimistic, with several upgrades leading to an average price target of $120.91, and multiple firms issuing "buy" ratings for Nuvalent's shares.

Parkman Healthcare Partners LLC increased its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 366.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,988 shares of the company's stock after buying an additional 86,400 shares during the quarter. Parkman Healthcare Partners LLC owned about 0.15% of Nuvalent worth $7,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CWM LLC raised its stake in shares of Nuvalent by 588.5% in the first 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. ANTIPODES PARTNERS Ltd bought a new position in Nuvalent during the 1st quarter valued at about $38,000. Covestor Ltd raised its position in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after purchasing an additional 861 shares during the period. GF Fund Management CO. LTD. bought a new stake in Nuvalent in the fourth quarter worth about $108,000. Finally, Exchange Traded Concepts LLC boosted 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 valued at $117,000 after buying an additional 161 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Trading Up 4.7%

Shares of NUVL traded up $3.72 during midday trading on Thursday, reaching $82.22. 388,955 shares of the stock were exchanged, compared to its average volume of 530,156. The company has a market capitalization of $5.93 billion, a P/E ratio of -16.78 and a beta of 1.29. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.51. The company's 50 day moving average is $78.64 and its two-hundred day moving average is $75.19.

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 the consensus estimate of ($1.27) by ($0.04). During the same quarter in the previous year, the company posted ($0.88) earnings per share. On average, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Raymond James Financial began coverage on Nuvalent in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 price target on the stock. Guggenheim began coverage on Nuvalent in a research note on Thursday, September 4th. They issued a "buy" rating and a $122.00 target price on the stock. Piper Sandler initiated coverage on Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat.com, Nuvalent presently has a consensus rating of "Buy" and an average target price of $120.91.

Insider Transactions at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $75.42, for a total value of $2,036,340.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $18,784,256.04. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the sale, the chief financial officer directly owned 61,734 shares in the company, valued at $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,945 shares of company stock valued at $9,439,908. Company insiders own 10.20% of the company's stock.

Nuvalent Company 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.