Nuvalent, Inc. $NUVL Stake Raised by Braidwell LP

Braidwell LP increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 39.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,175,876 shares of the company’s stock after buying an additional 334,931 shares during the quarter. Nuvalent comprises 3.1% of Braidwell LP’s portfolio, making the stock its 12th largest holding. Braidwell LP’s holdings in Nuvalent were worth $89,719,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kennedy Capital Management LLC boosted its position in Nuvalent by 3.7% during the 2nd quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company’s stock worth $420,000 after acquiring an additional 196 shares during the period. Guggenheim Capital LLC lifted its holdings in Nuvalent by 2.7% in the second quarter. Guggenheim Capital LLC now owns 10,863 shares of the company’s stock worth $829,000 after purchasing an additional 288 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 15.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,564 shares of the company’s stock worth $196,000 after purchasing an additional 350 shares during the period. PNC Financial Services Group Inc. grew its position in Nuvalent by 38.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,632 shares of the company’s stock valued at $125,000 after buying an additional 451 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Nuvalent by 10.4% during the 2nd quarter. Sei Investments Co. now owns 5,930 shares of the company’s stock valued at $453,000 after buying an additional 557 shares during the period. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Down 1.0%

NASDAQ:NUVL opened at $104.80 on Friday. The stock has a fifty day simple moving average of $98.66 and a 200 day simple moving average of $85.52. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of -19.70 and a beta of 1.31. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $112.88.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the business earned ($1.28) EPS. Equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director James E. Flynn sold 742,574 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $95.44, for a total value of $70,871,262.56. Following the completion of the sale, the director directly owned 8,299,225 shares of the company’s stock, valued at $792,078,034. This represents a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 5,850 shares of Nuvalent stock in a transaction on Monday, November 24th. The shares were sold at an average price of $109.37, for a total transaction of $639,814.50. Following the sale, the director directly owned 1,377,194 shares of the company’s stock, valued at $150,623,707.78. This trade represents a 0.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,044,433 shares of company stock valued at $99,386,524 in the last 90 days. Insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NUVL. The Goldman Sachs Group upped their price target on shares of Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Cantor Fitzgerald initiated coverage on Nuvalent in a report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 target price on the stock. Robert W. Baird increased their price target on Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Guggenheim boosted their price objective on Nuvalent from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Finally, Raymond James Financial began coverage on Nuvalent in a research note on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price for the company. Fourteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.86.

Nuvalent 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.