Seven Fleet Capital Management LP decreased its position in Nuvalent, Inc. (NASDAQ:NUVL – Free Report) by 83.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,072 shares of the company’s stock after selling 10,529 shares during the period. Seven Fleet Capital Management LP’s holdings in Nuvalent were worth $212,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of NUVL. RA Capital Management L.P. bought a new stake in Nuvalent during the 3rd quarter valued at about $107,794,000. Wellington Management Group LLP grew its holdings in shares of Nuvalent by 46.0% during the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after buying an additional 724,491 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Nuvalent by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after buying an additional 639,264 shares during the last quarter. Norges Bank bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $57,763,000. Finally, JPMorgan Chase & Co. increased its position in shares of Nuvalent by 32.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after acquiring an additional 545,542 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Nuvalent
In other news, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $123.58, for a total value of $1,412,519.40. Following the transaction, the chief financial officer directly owned 85,533 shares in the company, valued at $10,570,168.14. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $123.72, for a total value of $3,711,600.00. Following the completion of the transaction, the chief executive officer owned 324,879 shares in the company, valued at approximately $40,194,029.88. This trade represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 120,471 shares of company stock valued at $12,813,229 in the last quarter. 5.02% of the stock is currently owned by corporate insiders.
Nuvalent Price Performance
Nuvalent (NASDAQ:NUVL – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same quarter in the prior year, the company posted ($1.18) EPS. As a group, analysts expect that Nuvalent, Inc. will post -5.74 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group lowered shares of Nuvalent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Guggenheim downgraded Nuvalent from a “buy” rating to a “neutral” rating and cut their target price for the company from $151.00 to $124.00 in a research note on Wednesday, June 10th. UBS Group lowered Nuvalent from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $138.00 to $124.00 in a report on Wednesday, June 10th. Stifel Nicolaus set a $124.00 price target on Nuvalent in a research note on Tuesday, June 9th. Finally, Sanford C. Bernstein downgraded Nuvalent from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $172.00 to $124.00 in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $127.73.
Get Our Latest Stock Analysis on NUVL
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.
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