Nicholas Investment Partners LP Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Nicholas Investment Partners LP reduced its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 70.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 79,200 shares of the company's stock after selling 189,142 shares during the quarter. Nicholas Investment Partners LP owned 0.13% of Nuvalent worth $5,828,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Nuvalent by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 83,306 shares of the company's stock worth $3,830,000 after acquiring an additional 578 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nuvalent by 460.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company's stock worth $177,000 after buying an additional 3,162 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Nuvalent by 16.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,866 shares of the company's stock valued at $683,000 after acquiring an additional 2,058 shares in the last quarter. TD Asset Management Inc boosted its stake in Nuvalent by 271.3% during the 3rd quarter. TD Asset Management Inc now owns 45,524 shares of the company's stock valued at $2,093,000 after acquiring an additional 33,262 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company's stock worth $61,000 after purchasing an additional 654 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on NUVL shares. Robert W. Baird initiated coverage on Nuvalent in a report on Friday, February 23rd. They issued an "outperform" rating and a $105.00 price objective for the company. Leerink Partnrs raised Nuvalent from a "market perform" rating to an "outperform" rating in a research report on Monday, April 1st. Guggenheim assumed coverage on Nuvalent in a research note on Wednesday, February 28th. They set a "buy" rating and a $99.00 price objective on the stock. Jefferies Financial Group began coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a "buy" rating and a $97.00 price objective on the stock. Finally, Wedbush restated an "outperform" rating and issued a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $90.78.

Insider Activity

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the company's stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total value of $1,550,200.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Nuvalent news, Director Andrew A. F. Hack sold 880,000 shares of the business's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the sale, the director now owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Darlene Noci sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders sold 1,192,500 shares of company stock worth $86,063,980 over the last three months. Corporate insiders own 14.77% of the company's stock.

Nuvalent Stock Up 5.4 %

NUVL stock traded up $3.66 during trading on Wednesday, reaching $71.68. 467,167 shares of the company's stock were exchanged, compared to its average volume of 434,401. Nuvalent, Inc. has a 1-year low of $37.95 and a 1-year high of $89.39. The firm has a market cap of $4.59 billion, a PE ratio of -29.74 and a beta of 1.35. The company's fifty day moving average price is $72.59 and its 200-day moving average price is $72.37.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.02). As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.03 earnings per share for the current fiscal 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.

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