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

Nicholas Investment Partners LP trimmed its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 23.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,427 shares of the company's stock after selling 23,644 shares during the quarter. Nicholas Investment Partners LP owned approximately 0.11% of Nuvalent worth $5,983,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the fourth quarter valued at approximately $27,000. Quarry LP bought a new stake in shares of Nuvalent in the 4th quarter worth approximately $39,000. US Bancorp DE bought a new stake in shares of Nuvalent in the 4th quarter worth approximately $90,000. KBC Group NV raised its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on NUVL shares. HC Wainwright restated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Insider Activity at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $19,541,404.52. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 83,000 shares of company stock worth $6,185,150 over the last three months. 12.52% of the stock is owned by corporate insiders.

Nuvalent Trading Down 0.7%

Shares of NUVL stock traded down $0.52 on Monday, reaching $72.80. The company's stock had a trading volume of 191,146 shares, compared to its average volume of 487,877. The stock's fifty day simple moving average is $71.54 and its 200-day simple moving average is $79.67. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of -20.93 and a beta of 1.42. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the firm earned ($0.69) EPS. Equities research analysts forecast 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.