Nuvalent, Inc. (NASDAQ:NUVL) Shares Sold by Boxer Capital LLC

Boxer Capital LLC cut its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 7.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,120,192 shares of the company’s stock after selling 90,000 shares during the quarter. Nuvalent makes up about 4.1% of Boxer Capital LLC’s investment portfolio, making the stock its 9th largest position. Boxer Capital LLC’s holdings in Nuvalent were worth $82,435,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NUVL. Compass Wealth Management LLC acquired a new stake in shares of Nuvalent in the fourth quarter worth $63,000. Exchange Traded Concepts LLC lifted its stake in shares of Nuvalent by 33.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after buying an additional 750 shares during the last quarter. High Net Worth Advisory Group LLC acquired a new stake in shares of Nuvalent in the fourth quarter worth $221,000. Amalgamated Bank lifted its stake in shares of Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after buying an additional 285 shares during the last quarter. Finally, Harvest Investment Services LLC acquired a new stake in shares of Nuvalent in the fourth quarter worth $331,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NUVL has been the topic of a number of research reports. Robert W. Baird initiated coverage on shares of Nuvalent in a research report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price on the stock. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. BMO Capital Markets boosted their target price on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $78.98 on Friday. The firm has a market capitalization of $5.10 billion, a PE ratio of -32.77 and a beta of 1.27. The company’s fifty day moving average price is $69.39 and its two-hundred day moving average price is $74.37. Nuvalent, Inc. has a 52-week low of $38.78 and a 52-week high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.02). Analysts predict that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $67.22, for a total value of $134,440.00. Following the sale, the director now owns 234,522 shares of the company’s stock, valued at approximately $15,764,568.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $67.22, for a total value of $134,440.00. Following the sale, the director now owns 234,522 shares of the company’s stock, valued at approximately $15,764,568.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $73.60, for a total transaction of $220,800.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,450,880. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,194,500 shares of company stock valued at $86,198,420. 12.52% of the stock is owned by insiders.

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.