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

D. E. Shaw & Co. Inc. lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 10.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 399,199 shares of the company’s stock after selling 46,183 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Nuvalent were worth $30,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rhenman & Partners Asset Management AB increased its holdings in shares of Nuvalent by 31.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares during the period. Renaissance Capital LLC acquired a new position in Nuvalent in the 1st quarter valued at $1,301,000. Parkman Healthcare Partners LLC purchased a new position in Nuvalent during the 4th quarter worth $4,406,000. Commodore Capital LP lifted its stake in shares of Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after acquiring an additional 502,259 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in shares of 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 Trading Down 1.9 %

Shares of NASDAQ NUVL opened at $99.10 on Friday. The company’s 50-day moving average price is $84.32 and its 200 day moving average price is $77.04. Nuvalent, Inc. has a 52 week low of $41.16 and a 52 week high of $113.51. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of -41.12 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the business posted ($0.51) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total transaction of $795,100.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,647,683. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,629 shares of company stock valued at $9,352,958. Corporate insiders own 12.52% of the company’s stock.

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.