Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. cut its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 10.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 399,199 shares of the company’s stock after selling 46,183 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.62% of Nuvalent worth $30,283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Darwin Global Management Ltd. increased its position in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nuvalent by 56.5% in the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after purchasing an additional 1,205,668 shares during the last quarter. Commodore Capital LP raised its position in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after purchasing an additional 502,259 shares during the period. Perceptive Advisors LLC lifted its stake in Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after purchasing an additional 454,540 shares in the last quarter. Finally, Samlyn Capital LLC purchased a new position in shares of Nuvalent during the second quarter worth $17,397,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NUVL has been the topic of several research reports. JPMorgan Chase & Co. increased their target price on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Guggenheim increased their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Wedbush increased their target price on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.00.

Insider Activity

In related news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,290,374. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the sale, the insider now owns 33,300 shares in the company, valued at $2,290,374. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total value of $795,100.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,647,683. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,629 shares of company stock worth $9,352,958. Corporate insiders own 12.52% of the company’s stock.

Nuvalent Price Performance

Nuvalent stock opened at $99.10 on Friday. The stock’s fifty day moving average is $84.32 and its two-hundred day moving average is $77.04. The stock has a market cap of $6.40 billion, a PE ratio of -41.12 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 earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the firm posted ($0.51) earnings per share. On average, research analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal 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.