Parkman Healthcare Partners LLC Has $7.80 Million Stock Holdings in Nuvalent, Inc. $NUVL

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 raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 366.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,988 shares of the company's stock after acquiring an additional 86,400 shares during the quarter. Parkman Healthcare Partners LLC owned 0.15% of Nuvalent worth $7,800,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Paradigm Biocapital Advisors LP grew its position in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after acquiring an additional 363,379 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Nuvalent by 11.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock valued at $102,878,000 after purchasing an additional 152,692 shares in the last quarter. Wellington Management Group LLP grew its stake in Nuvalent by 12.3% during the 1st quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock valued at $102,294,000 after purchasing an additional 157,809 shares in the last quarter. Woodline Partners LP grew its stake in Nuvalent by 0.9% during the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after purchasing an additional 11,248 shares in the last quarter. Finally, Vestal Point Capital LP grew its stake in Nuvalent by 79.2% during the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company's stock valued at $76,239,000 after purchasing an additional 475,000 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Stock Down 1.4%

NUVL traded down $1.10 during trading on Tuesday, reaching $78.73. The stock had a trading volume of 250,215 shares, compared to its average volume of 384,655. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of -16.07 and a beta of 1.29. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The stock has a 50 day moving average of $78.68 and a two-hundred day moving average of $75.17.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results 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 quarter last year, the business posted ($0.88) earnings per share. On average, research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity

In related news, insider Henry E. Pelish sold 8,630 shares of the firm's stock in a transaction 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 directly owned 63,101 shares in the company, valued at approximately $5,039,876.87. This trade represents a 12.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alexandra Balcom sold 20,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. The trade was a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,945 shares of company stock worth $9,439,908. 10.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Robert W. Baird raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Wedbush restated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday. HC Wainwright restated a "buy" rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Finally, Piper Sandler started coverage on Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $120.91.

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.