Ikarian Capital LLC Sells 212,541 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Ikarian Capital LLC decreased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 67.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,601 shares of the company’s stock after selling 212,541 shares during the period. Nuvalent comprises approximately 0.8% of Ikarian Capital LLC’s investment portfolio, making the stock its 23rd biggest holding. Ikarian Capital LLC’s holdings in Nuvalent were worth $7,629,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUVL. Darwin Global Management Ltd. grew its position in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the first quarter valued at approximately $202,000. Seven Eight Capital LP acquired a new position in shares of Nuvalent in the first quarter valued at approximately $1,172,000. Vanguard Group Inc. grew its position in shares of Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Nuvalent by 10.3% in the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after purchasing an additional 830 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $69.48, for a total value of $2,605,500.00. Following the sale, the director now owns 1,462,198 shares of the company’s stock, valued at approximately $101,593,517.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Matthew Shair sold 37,500 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $69.48, for a total value of $2,605,500.00. Following the completion of the transaction, the director now directly owns 1,462,198 shares in the company, valued at approximately $101,593,517.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $2,511,819. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,000 shares of company stock valued at $8,152,610. 12.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Stifel Nicolaus upped their target price on Nuvalent from $103.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Wedbush reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research report on Monday, July 22nd. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday. Finally, Jefferies Financial Group initiated coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $96.33.

Nuvalent Stock Down 4.7 %

Shares of NUVL stock traded down $3.72 during trading hours on Thursday, reaching $76.22. The company’s stock had a trading volume of 238,445 shares, compared to its average volume of 411,272. The firm’s 50 day simple moving average is $76.41 and its 200-day simple moving average is $75.84. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -31.63 and a beta of 1.28. Nuvalent, Inc. has a fifty-two week low of $39.86 and a fifty-two week high of $89.39.

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

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.