Jump Financial LLC Trims Holdings in Nuvalent, Inc. $NUVL

Key Points

• Jump Financial LLC reduced its holdings in Nuvalent, Inc. by 19.6% during the first quarter, now owning 28,089 shares valued at approximately $1.99 million.
• Nuvalent's CFO, Alexandra Balcom, sold 14,700 shares at an average price of $85.10, resulting in a significant decrease of 19.23% in her position.
• Analysts have set a consensus price target of $118.91 for Nuvalent, with multiple firms issuing buy ratings following recent price increases in their forecasts.

Jump Financial LLC decreased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 19.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,089 shares of the company's stock after selling 6,859 shares during the period. Jump Financial LLC's holdings in Nuvalent were worth $1,992,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Nuvalent by 5,549.7% during the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after buying an additional 9,823 shares during the period. New York State Common Retirement Fund boosted its stake in Nuvalent by 23.4% during the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after buying an additional 3,965 shares during the period. American Century Companies Inc. boosted its stake in Nuvalent by 51.3% during the first quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock valued at $20,003,000 after buying an additional 95,661 shares during the period. First Trust Advisors LP boosted its stake in Nuvalent by 3.9% during the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock valued at $3,487,000 after buying an additional 1,685 shares during the period. Finally, US Bancorp DE boosted its stake in Nuvalent by 58.8% during the first quarter. US Bancorp DE now owns 1,836 shares of the company's stock valued at $130,000 after buying an additional 680 shares during the period. Institutional investors own 97.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NUVL shares. Leerink Partners lifted their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. HC Wainwright reissued 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 report on Monday, June 30th. Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. Finally, Piper Sandler started coverage on Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. According to MarketBeat, Nuvalent presently has an average rating of "Buy" and a consensus target price of $120.80.

Insider Activity at Nuvalent

In related 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 transaction 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 $18,784,256.04. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer owned 61,734 shares of the company's stock, valued at $5,253,563.40. This represents a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,145 shares of company stock worth $9,455,872 in the last ninety days. 10.20% of the stock is owned by company insiders.

Nuvalent Price Performance

NASDAQ NUVL traded up $0.56 during trading hours on Friday, reaching $76.58. 418,360 shares of the stock traded hands, compared to its average volume of 433,328. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.30. The stock has a 50 day simple moving average of $78.54 and a two-hundred day simple moving average of $75.21. Nuvalent, Inc. has a 1 year low of $55.53 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its 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 in the prior year, the company earned ($0.88) earnings per share. On average, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal 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.