Nuvalent, Inc. (NASDAQ:NUVL) Short Interest Update

Key Points

• Short interest in Nuvalent plunged 40.5% in the first half of June, falling to 3.12 million shares as of June 15. That represents about 4.2% of shares outstanding and a short-interest ratio of just 0.4 days.
• Insiders have been selling shares, including recent transactions by Henry E. Pelish and Deborah Ann Miller. Over the last 90 days, insiders sold 115,523 shares worth about $11.4 million, while insiders still own 5.02% of the company.
• Analysts remain cautious on NUVL, with several firms cutting ratings or price targets around $124. The stock currently carries a consensus “Hold” rating and an average target price of $127.73.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) was the target of a large decrease in short interest in the month of June. As of June 15th, there was short interest totaling 3,117,569 shares, a decrease of 40.5% from the May 31st total of 5,241,004 shares. Based on an average daily trading volume, of 7,324,746 shares, the short-interest ratio is currently 0.4 days. Approximately 4.2% of the company's shares are short sold.

Insider Activity

In other news, insider Henry E. Pelish sold 3,093 shares of the firm's stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $104.48, for a total transaction of $323,156.64. Following the completion of the sale, the insider owned 65,604 shares in the company, valued at $6,854,305.92. This trade represents a 4.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of Nuvalent stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $107.84, for a total transaction of $593,120.00. Following the sale, the insider directly owned 59,634 shares in the company, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 115,523 shares of company stock worth $11,409,713. Corporate insiders own 5.02% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NUVL. GAMMA Investing LLC grew its holdings in shares of Nuvalent by 47.6% in the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company's stock valued at $34,000 after purchasing an additional 108 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in Nuvalent by 1.5% during the 4th quarter. Kennedy Capital Management LLC now owns 10,932 shares of the company's stock worth $1,100,000 after buying an additional 163 shares in the last quarter. US Bancorp DE boosted its position in Nuvalent by 10.0% in the 3rd quarter. US Bancorp DE now owns 2,070 shares of the company's stock valued at $179,000 after buying an additional 188 shares during the period. EverSource Wealth Advisors LLC boosted its position in Nuvalent by 141.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company's stock valued at $34,000 after buying an additional 195 shares during the period. Finally, AlphaCentric Advisors LLC grew its stake in shares of Nuvalent by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 4,657 shares of the company's stock worth $477,000 after acquiring an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

Shares of NUVL stock traded up $0.10 on Wednesday, hitting $123.60. The stock had a trading volume of 1,494,084 shares, compared to its average volume of 1,351,650. The firm has a market capitalization of $9.76 billion, a P/E ratio of -20.40 and a beta of 1.15. Nuvalent has a 1 year low of $71.13 and a 1 year high of $123.69. The company's 50 day moving average price is $108.76 and its 200-day moving average price is $104.74.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period in the previous year, the business earned ($1.18) earnings per share. On average, equities analysts forecast that Nuvalent will post -5.74 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NUVL shares. Barclays reiterated an "equal weight" rating and set a $124.00 price target (down from $152.00) on shares of Nuvalent in a report on Tuesday, June 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Nuvalent in a report on Tuesday, April 21st. TD Cowen cut shares of Nuvalent from a "buy" rating to a "hold" rating and set a $124.00 target price on the stock. in a research report on Tuesday, June 9th. Canaccord Genuity Group lowered shares of Nuvalent from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 9th. Finally, Stifel Nicolaus set a $124.00 price target on shares of Nuvalent in a research report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $127.73.

About Nuvalent

Nuvalent, Inc NASDAQ: NUVL is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company's research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent's lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.