Ikarian Capital LLC Cuts Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Ikarian Capital LLC lessened its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 65.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 52,238 shares of the company’s stock after selling 99,363 shares during the quarter. Nuvalent accounts for 0.7% of Ikarian Capital LLC’s investment portfolio, making the stock its 22nd biggest holding. Ikarian Capital LLC’s holdings in Nuvalent were worth $5,344,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC grew its stake in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares during the last quarter. Driehaus Capital Management LLC grew its stake in Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after purchasing an additional 23,730 shares during the last quarter. Fred Alger Management LLC grew its stake in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock valued at $64,218,000 after purchasing an additional 49,612 shares during the last quarter. First Turn Management LLC grew its stake in Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NASDAQ:NUVL traded down $0.19 during trading hours on Tuesday, reaching $94.08. The company had a trading volume of 5,553 shares, compared to its average volume of 434,112. Nuvalent, Inc. has a 1-year low of $61.79 and a 1-year high of $113.51. The firm has a market cap of $6.68 billion, a PE ratio of -27.17 and a beta of 1.31. The business’s 50 day moving average price is $96.83 and its 200-day moving average price is $85.04.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the business earned ($0.59) earnings per share. On average, analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVL has been the topic of several analyst reports. UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, BMO Capital Markets boosted their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average price target of $112.60.

Insider Buying and Selling at Nuvalent

In other news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,936,394. This represents a 8.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $96.22, for a total value of $192,440.00. Following the transaction, the director now directly owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,093,795 shares of company stock valued at $204,762,781. 12.52% of the stock is owned by company insiders.

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.