Nuvalent, Inc. $NUVL Holdings Lowered by Paradigm Biocapital Advisors LP

Key Points

• Paradigm Biocapital Advisors LP reduced its stake in Nuvalent, Inc. by 1.8%, holding approximately 5.27 million shares, which constitutes 17.6% of their investment portfolio.
• Multiple institutional investors significantly increased their positions in Nuvalent, with GAMMA Investing raising its stake by an impressive 5,549.7% during the first quarter.
• Analysts have set a consensus target price of $120.80 for Nuvalent, with several firms including Goldman Sachs upgrading its rating to "strong-buy."

Paradigm Biocapital Advisors LP cut its stake in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,269,433 shares of the company's stock after selling 93,946 shares during the period. Nuvalent makes up approximately 17.6% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its biggest position. Paradigm Biocapital Advisors LP owned approximately 7.36% of Nuvalent worth $373,708,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CWM LLC lifted its stake in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent in the first quarter worth about $38,000. Quarry LP bought a new position in Nuvalent in the 4th quarter valued at approximately $39,000. Covestor Ltd increased its position in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 861 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in Nuvalent during the 4th quarter valued at approximately $108,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

NUVL traded up $2.64 during midday trading on Wednesday, reaching $79.54. The company's stock had a trading volume of 720,647 shares, compared to its average volume of 406,504. The company has a fifty day simple moving average of $78.55 and a 200 day simple moving average of $75.17. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the prior year, the business earned ($0.88) earnings per share. On average, equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction on Friday, June 27th. The shares were sold at an average price of $80.02, for a total value of $1,600,400.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Henry E. Pelish sold 8,630 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the sale, the insider directly owned 63,101 shares in the company, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,145 shares of company stock worth $9,455,872. Corporate insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Raymond James Financial began coverage on Nuvalent in a report on Tuesday. They set an "outperform" rating and a $105.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Robert W. Baird upped their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Leerink Partners raised their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. Based on data from MarketBeat, Nuvalent presently has a consensus rating of "Buy" and an average target price of $119.36.

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.