Deerfield Management Company L.P. Series C Cuts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Deerfield Management Company L.P. Series C trimmed its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 10.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,991,024 shares of the company's stock after selling 2,000,000 shares during the quarter. Nuvalent makes up about 26.7% of Deerfield Management Company L.P. Series C's investment portfolio, making the stock its biggest position. Deerfield Management Company L.P. Series C owned 25.32% of Nuvalent worth $1,408,337,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Boxer Capital Management LLC bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $87,689,000. Adage Capital Partners GP L.L.C. boosted its position in Nuvalent by 142.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after buying an additional 400,000 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after buying an additional 366,239 shares during the period. Norges Bank bought a new stake in shares of Nuvalent during the fourth quarter worth $24,951,000. Finally, Wellington Management Group LLP lifted its stake in shares of Nuvalent by 27.0% during the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after acquiring an additional 272,738 shares during the period. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

NASDAQ:NUVL traded down $1.75 during trading hours on Friday, hitting $69.85. The stock had a trading volume of 446,261 shares, compared to its average volume of 488,233. The business's 50 day moving average is $71.41 and its 200-day moving average is $80.41. The company has a market cap of $5.00 billion, a price-to-earnings ratio of -20.13 and a beta of 1.42. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 last year, the business earned ($0.69) earnings per share. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on NUVL shares. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush reissued an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong 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 $115.50.

Insider Activity

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares of the company's stock, 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 filing with the SEC, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,896,333.94. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 83,000 shares of company stock worth $6,185,150 in the last 90 days. Corporate insiders own 12.52% of the company's stock.

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.