Walleye Capital LLC Lowers Position in Nuvalent, Inc. $NUVL

Key Points

• Walleye Capital LLC has reduced its stake in Nuvalent, Inc. by 84.9%, now holding only 7,498 shares after selling 42,253 shares during the first quarter, worth approximately $532,000.
• Other institutional investors have significantly increased their positions, with CWM LLC boosting its stake by 588.5%, while Covestor Ltd grew its holdings by 705.7% during the same period.
• Nuvalent's stock currently has a market cap of $5.52 billion, with analysts projecting a buy rating and an average price target of $120.80.

Walleye Capital LLC decreased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 84.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,498 shares of the company's stock after selling 42,253 shares during the period. Walleye Capital LLC's holdings in Nuvalent were worth $532,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after purchasing an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in Nuvalent during the first quarter valued at $38,000. Covestor Ltd boosted its holdings in shares of Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Nuvalent in the 4th quarter worth about $108,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after buying an additional 161 shares during the period. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Up 0.7%

NASDAQ:NUVL opened at $76.58 on Tuesday. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of -15.63 and a beta of 1.29. The company's 50 day moving average price is $78.55 and its 200-day moving average price is $75.16. 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 announced its quarterly earnings data 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 period in the prior year, the firm posted ($0.88) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Activity

In related news, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the completion of the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at $20,490,330.74. The trade was a 9.78% 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 valued at $9,455,872 over the last ninety days. 10.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. HC Wainwright reiterated a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. Robert W. Baird raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $120.80.

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.

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