Walleye Capital LLC Buys 33,917 Shares of Nuvalent, Inc. $NUVL

Key Points

• Walleye Capital LLC boosted its Nuvalent stake by 426.3% in the first quarter, buying 33,917 additional shares and bringing its total holdings to 41,873 shares worth about $4.29 million.
• Nuvalent stock recently traded near its 52-week high at $123.96, giving the clinical-stage oncology company a market cap of about $9.79 billion.
• The company reported a quarterly loss of ($1.39) per share, missing analyst estimates, while several Wall Street firms recently downgraded the stock to Hold/Neutral and analysts now largely rate it a Hold.

Walleye Capital LLC raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 426.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,873 shares of the company's stock after buying an additional 33,917 shares during the quarter. Walleye Capital LLC owned about 0.05% of Nuvalent worth $4,290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC raised its position in shares of Nuvalent by 64.8% in the 1st quarter. AQR Capital Management LLC now owns 9,874 shares of the company's stock valued at $700,000 after acquiring an additional 3,881 shares during the period. Goldman Sachs Group Inc. grew its holdings in Nuvalent by 54.4% during the first quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company's stock valued at $32,171,000 after purchasing an additional 159,873 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Nuvalent by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company's stock valued at $10,634,000 after purchasing an additional 12,123 shares in the last quarter. Intech Investment Management LLC increased its stake in Nuvalent by 28.7% in the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after purchasing an additional 4,293 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new stake in Nuvalent in the second quarter worth $412,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Price Performance

Nuvalent stock opened at $123.96 on Thursday. The stock has a market capitalization of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14. Nuvalent, Inc. has a twelve month low of $71.13 and a twelve month high of $123.99. The company has a 50 day moving average of $115.04 and a 200-day moving average of $107.05.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.35) by ($0.04). During the same period last year, the business posted ($1.18) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 11,430 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $123.58, for a total value of $1,412,519.40. Following the sale, the chief financial officer directly owned 85,533 shares in the company, valued at $10,570,168.14. The trade was a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Henry E. Pelish sold 2,111 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $123.81, for a total value of $261,362.91. Following the transaction, the insider owned 63,493 shares of the company's stock, valued at approximately $7,861,068.33. The trade was a 3.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 125,971 shares of company stock worth $13,358,939. Company insiders own 5.02% of the company's stock.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research analyst reports. Lifesci Capital lowered shares of Nuvalent from an "outperform" rating to a "hold" rating and set a $124.00 price target for the company. in a report on Tuesday, June 9th. Guggenheim downgraded Nuvalent from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $151.00 to $124.00 in a research note on Wednesday, June 10th. Stifel Nicolaus set a $124.00 target price on Nuvalent in a report on Tuesday, June 9th. Robert W. Baird set a $122.85 target price on Nuvalent in a report on Tuesday, June 9th. Finally, Piper Sandler cut Nuvalent from an "overweight" rating to a "neutral" rating and set a $124.00 target price for the company. in a research note on Tuesday, June 9th. Four equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Nuvalent has an average rating of "Hold" and an average price target of $127.73.

Nuvalent Profile

Nuvalent, Inc NASDAQ: NUVL is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company's research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent's lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.

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