Commodore Capital LP decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL – Free Report) by 60.7% during the 4th quarter, HoldingsChannel reports. The firm owned 550,000 shares of the company’s stock after selling 850,000 shares during the quarter. Nuvalent comprises approximately 3.7% of Commodore Capital LP’s holdings, making the stock its 13th largest position. Commodore Capital LP’s holdings in Nuvalent were worth $55,324,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Artia Global Partners LP bought a new position in shares of Nuvalent in the 4th quarter valued at $815,000. Boothbay Fund Management LLC acquired a new stake in shares of Nuvalent during the 4th quarter valued at $1,790,000. Burkehill Global Management LP acquired a new stake in shares of Nuvalent during the 4th quarter valued at $7,041,000. RA Capital Management L.P. boosted its holdings in shares of Nuvalent by 50.8% during the 4th quarter. RA Capital Management L.P. now owns 1,880,057 shares of the company’s stock valued at $189,115,000 after acquiring an additional 633,601 shares in the last quarter. Finally, Jump Financial LLC boosted its holdings in shares of Nuvalent by 695.1% during the 4th quarter. Jump Financial LLC now owns 27,955 shares of the company’s stock valued at $2,812,000 after acquiring an additional 24,439 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.
Wall Street Analyst Weigh In
NUVL has been the topic of several recent research reports. Leerink Partners set a $165.00 price objective on Nuvalent in a report on Wednesday, June 3rd. Robert W. Baird set a $122.85 price objective on Nuvalent in a report on Tuesday, June 9th. Canaccord Genuity Group downgraded Nuvalent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Wells Fargo & Company reissued an “equal weight” rating and set a $124.00 price objective (up from $116.00) on shares of Nuvalent in a report on Tuesday, June 9th. Finally, Wedbush downgraded Nuvalent from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $124.00 in a report on Tuesday, June 9th. Five analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of “Hold” and a consensus price target of $131.15.
Nuvalent Stock Down 0.0%
Shares of NASDAQ:NUVL opened at $123.36 on Thursday. The firm has a market cap of $9.75 billion, a P/E ratio of -20.36 and a beta of 1.15. Nuvalent, Inc. has a 12-month low of $71.13 and a 12-month high of $123.62. The business has a fifty day simple moving average of $105.32 and a 200 day simple moving average of $103.71.
Nuvalent (NASDAQ:NUVL – Get Free Report) last announced 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 last year, the company earned ($1.18) earnings per share. As a group, equities research analysts expect that Nuvalent, Inc. will post -5.74 EPS for the current year.
Insider Buying and Selling
In related news, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the completion of the transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $8,998,926.93. This trade represents a 11.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $88.53, for a total value of $2,655,900.00. Following the transaction, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at approximately $28,761,537.87. This represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 126,953 shares of company stock valued at $12,612,264 in the last quarter. 5.02% of the stock is currently owned by company insiders.
Nuvalent Profile
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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