Alyeska Investment Group L.P. Decreases Stock Position in Nuvalent, Inc. $NUVL

Key Points

• Alyeska Investment Group L.P. reduced its stake in Nuvalent, Inc. by 50% during the first quarter, now holding 51,303 shares valued at approximately $3.64 million.
• Nuvalent's latest earnings report revealed an EPS of ($1.31) for the quarter, missing analyst expectations by ($0.04).
• Analysts have an average rating of "Buy" for Nuvalent, with a consensus target price of $120.91.

Alyeska Investment Group L.P. cut its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,303 shares of the company's stock after selling 51,302 shares during the quarter. Alyeska Investment Group L.P. owned about 0.07% of Nuvalent worth $3,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Nuvalent by 11.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock valued at $102,878,000 after buying an additional 152,692 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Nuvalent by 12.3% in the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after buying an additional 157,809 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after buying an additional 11,248 shares in the last quarter. Finally, Vestal Point Capital LP lifted its holdings in shares of Nuvalent by 79.2% in the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company's stock worth $76,239,000 after buying an additional 475,000 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NUVL. Piper Sandler began coverage on shares of Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday. Raymond James Financial began coverage on shares of Nuvalent in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 price target on the stock. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Finally, Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $120.91.

Insider Activity

In other Nuvalent 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 transaction of $689,278.10. Following the transaction, the insider directly owned 63,101 shares of the company's stock, valued at approximately $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the business's 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 sale, the chief financial officer owned 61,734 shares of the company's stock, valued at approximately $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 three months, insiders have sold 117,945 shares of company stock worth $9,439,908. 10.20% of the stock is currently owned by insiders.

Nuvalent Trading Up 4.7%

Shares of Nuvalent stock traded up $3.72 on Thursday, hitting $82.22. 388,957 shares of the company traded hands, compared to its average volume of 384,906. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $113.51. The company has a market cap of $5.93 billion, a P/E ratio of -16.78 and a beta of 1.29. The firm's 50-day simple moving average is $78.68 and its 200 day simple moving average is $75.22.

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

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.