Nuvalent, Inc. $NUVL Shares Sold by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners Inc. reduced its holdings in Nuvalent, Inc. by 25.2%, now owning 19,130 shares worth approximately $1.36 million.
• Several large investors increased their stakes significantly, with Braidwell LP boosting its holdings by 248.6%, now owning over 840,000 shares.
• Nuvalent's stock currently holds a consensus rating of "Buy" with an average price target of $120.91, following recent upgrades from multiple brokerages.

Polar Asset Management Partners Inc. lessened its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 25.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,130 shares of the company's stock after selling 6,450 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Nuvalent were worth $1,357,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Nuvalent by 5,549.7% during the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after acquiring an additional 9,823 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Nuvalent by 23.4% during the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after acquiring an additional 3,965 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Nuvalent by 51.3% during the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock valued at $20,003,000 after acquiring an additional 95,661 shares during the last quarter. US Bancorp DE boosted its position in shares of Nuvalent by 58.8% during the 1st quarter. US Bancorp DE now owns 1,836 shares of the company's stock valued at $130,000 after acquiring an additional 680 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after acquiring an additional 2,572 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Robert W. Baird boosted their price target on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Raymond James Financial initiated coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 price target on the stock. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday. Finally, HC Wainwright reiterated a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. Based on data from MarketBeat.com, Nuvalent has an average rating of "Buy" and a consensus target price of $120.91.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 61,734 shares of the company's stock, 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. Insiders have sold 117,945 shares of company stock worth $9,439,908 over the last three months. Insiders own 10.20% of the company's stock.

Nuvalent Stock Down 2.1%

Nuvalent stock traded down $1.73 during mid-day trading on Friday, hitting $80.50. The company had a trading volume of 119,248 shares, compared to its average volume of 527,757. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -16.43 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 business has a fifty day moving average of $78.68 and a 200 day moving average of $75.22.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly 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 firm posted ($0.88) EPS. Equities analysts anticipate 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.