RA Capital Management L.P. Increases Stake in Nuvalent, Inc. (NASDAQ:NUVL)

RA Capital Management L.P. lifted its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 47.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,281 shares of the company's stock after purchasing an additional 56,492 shares during the period. RA Capital Management L.P. owned about 0.27% of Nuvalent worth $18,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUVL. FMR LLC increased its stake in shares of Nuvalent by 8.9% in the 3rd 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 in the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nuvalent during the second quarter worth approximately $17,397,000. Logos Global Management LP acquired a new position in Nuvalent in the 2nd quarter valued at $14,793,000. Dimensional Fund Advisors LP lifted its holdings in Nuvalent by 80.5% in the 2nd 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 in the last quarter. Finally, ArrowMark Colorado Holdings LLC boosted its stake in Nuvalent by 111.0% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company's stock worth $30,194,000 after purchasing an additional 155,261 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company's stock, valued at $19,240,197.64. This represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Deborah Ann Miller sold 3,000 shares of the business's stock in a transaction 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 sale, the insider now owns 33,300 shares in the company, valued at $2,936,394. The trade was a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,093,795 shares of company stock valued at $204,762,781. 12.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

NUVL has been the topic of several research reports. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a "neutral" rating and a $100.00 price target on the stock. Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, Guggenheim raised their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.60.

Nuvalent Price Performance

Shares of NASDAQ:NUVL traded down $1.31 on Thursday, reaching $92.91. The company's stock had a trading volume of 173,844 shares, compared to its average volume of 432,935. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51. The stock's 50-day moving average is $96.42 and its two-hundred day moving average is $85.42. The stock has a market capitalization of $6.60 billion, a P/E ratio of -27.15 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the firm posted ($0.59) earnings per share. Equities analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

About Nuvalent

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.