Logos Global Management LP Acquires Shares of 195,000 Nuvalent, Inc. (NASDAQ:NUVL)

Logos Global Management LP acquired a new stake in Nuvalent, Inc. (NASDAQ:NUVL) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 195,000 shares of the company’s stock, valued at approximately $14,793,000. Nuvalent comprises about 1.2% of Logos Global Management LP’s investment portfolio, making the stock its 20th largest holding. Logos Global Management LP owned 0.30% of Nuvalent as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NUVL. Vanguard Group Inc. increased its position in shares of Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after purchasing an additional 72,222 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after purchasing an additional 454,540 shares in the last quarter. Darwin Global Management Ltd. boosted its holdings in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Commodore Capital LP lifted its position in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NUVL. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Wedbush lifted their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Barclays assumed coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, Stifel Nicolaus lifted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and a consensus target price of $111.00.

Insider Activity

In other news, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $75.54, for a total value of $377,700.00. Following the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,515,482. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $75.54, for a total value of $377,700.00. Following the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,515,482. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $79.59, for a total transaction of $159,180.00. Following the completion of the sale, the director now owns 230,522 shares in the company, valued at approximately $18,347,245.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,629 shares of company stock worth $9,901,758. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Price Performance

NASDAQ:NUVL opened at $102.05 on Tuesday. The firm has a 50-day moving average of $82.75 and a two-hundred day moving average of $76.55. The stock has a market cap of $6.59 billion, a P/E ratio of -42.34 and a beta of 1.28. Nuvalent, Inc. has a 1-year low of $41.16 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the firm earned ($0.51) EPS. As a group, equities analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

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.