Deerfield Management Company L.P. Series C Reduces Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Deerfield Management Company L.P. Series C trimmed its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 10.0% in the fourth 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 comprises approximately 26.7% of Deerfield Management Company L.P. Series C's holdings, making the stock its largest 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 hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after acquiring an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after purchasing an additional 215,633 shares in the last quarter. Wellington Management Group LLP boosted its position in Nuvalent by 27.0% in the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after buying an additional 272,738 shares during the last quarter. Boxer Capital Management LLC bought a new stake in Nuvalent during the 4th quarter worth about $87,689,000. Finally, Geode Capital Management LLC lifted its holdings in Nuvalent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 871,488 shares of the company's stock valued at $68,236,000 after buying an additional 15,878 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Nuvalent Stock Performance

Shares of NUVL traded down $1.05 during mid-day trading on Tuesday, reaching $72.58. The company had a trading volume of 246,781 shares, compared to its average volume of 487,487. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of -20.92 and a beta of 1.42. The company's 50 day simple moving average is $71.44 and its 200 day simple moving average is $80.19.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results 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 posted ($0.69) EPS. As a group, equities analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. This trade 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 valued at $6,185,150 over the last quarter. Insiders own 12.52% of the company's stock.

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.