Tri Locum Partners LP Invests $6.80 Million in Nuvalent, Inc. $NUVL

Key Points

• Tri Locum Partners LP invested approximately $6.80 million in Nuvalent, Inc., acquiring 95,825 shares, which now constitutes 3.5% of its investment portfolio.
• Nuvalent's recent earnings report showed a loss of ($1.31) per share, missing analyst estimates, while projections for the current fiscal year anticipate earnings per share of -3.86.
• Multiple hedge funds significantly increased their positions in Nuvalent, with GAMMA Investing LLC boosting its holdings by over 5,500% in the first quarter.

Tri Locum Partners LP acquired a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 95,825 shares of the company's stock, valued at approximately $6,796,000. Nuvalent comprises about 3.5% of Tri Locum Partners LP's portfolio, making the stock its 12th biggest holding. Tri Locum Partners LP owned approximately 0.13% of Nuvalent at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% during the 4th 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Nuvalent by 11.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock worth $102,878,000 after buying an additional 152,692 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Nuvalent by 12.3% in the 1st 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 during the last quarter. Woodline Partners LP lifted its position in shares of Nuvalent by 0.9% in the 4th 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 during the last quarter. Finally, Boxer Capital Management LLC bought a new position in shares of Nuvalent in the 4th quarter worth about $87,689,000. 97.26% of the stock is currently owned by institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the sale, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $18,784,256.04. The trade was a 9.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,145 shares of company stock worth $9,455,872 in the last ninety days. 10.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NUVL. Leerink Partners raised their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. Piper Sandler began coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. Robert W. Baird raised their price target on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $120.80.

Nuvalent Trading Up 0.7%

NASDAQ:NUVL traded up $0.56 during mid-day trading on Friday, hitting $76.58. The stock had a trading volume of 418,360 shares, compared to its average volume of 433,328. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.30. The company has a 50 day simple moving average of $78.54 and a 200-day simple moving average of $75.21. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the previous year, the company posted ($0.88) EPS. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

About Nuvalent

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.