Driehaus Capital Management LLC Boosts Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Driehaus Capital Management LLC grew its position in Nuvalent, Inc. (NASDAQ:NUVL) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 696,607 shares of the company’s stock after acquiring an additional 23,730 shares during the period. Driehaus Capital Management LLC owned about 1.08% of Nuvalent worth $52,845,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Rhenman & Partners Asset Management AB raised its position in Nuvalent by 31.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after acquiring an additional 26,918 shares in the last quarter. Renaissance Capital LLC acquired a new stake in shares of Nuvalent in the first quarter valued at about $1,301,000. Parkman Healthcare Partners LLC purchased a new stake in Nuvalent during the fourth quarter worth about $4,406,000. Commodore Capital LP grew its position in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in Nuvalent in the second quarter valued at about $1,191,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

NUVL opened at $99.10 on Friday. Nuvalent, Inc. has a 1 year low of $41.16 and a 1 year high of $113.51. The company’s 50 day simple moving average is $84.32 and its 200 day simple moving average is $77.11. The stock has a market capitalization of $6.40 billion, a PE ratio of -41.12 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results 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 business posted ($0.51) EPS. As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $73.23, for a total transaction of $219,690.00. Following the completion of the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,438,559. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $73.23, for a total value of $219,690.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,438,559. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the transaction, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The disclosure for this sale can be found here. Insiders have sold a total of 107,629 shares of company stock worth $9,352,958 in the last three months. 12.52% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. raised their price target on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Wedbush boosted their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus lifted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.00.

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.