Nuvalent, Inc. (NASDAQ:NUVL) Sees Large Drop in Short Interest

Nuvalent, Inc. (NASDAQ:NUVL) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totaling 715,798 shares, a decline of 75.4% from the June 30th total of 2,908,403 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,606,073 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. HC Wainwright lowered shares of Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price target for the company. in a research report on Tuesday, June 9th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $124.00 target price (up from $116.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Piper Sandler downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 price target on the stock. in a research report on Tuesday, June 9th. Lifesci Capital downgraded Nuvalent from an “outperform” rating to a “hold” rating and set a $124.00 price objective on the stock. in a report on Tuesday, June 9th. Finally, Stifel Nicolaus set a $124.00 target price on shares of Nuvalent in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $127.73.

Nuvalent Price Performance

NASDAQ:NUVL remained flat at $123.96 on Friday. The stock has a fifty day simple moving average of $115.86 and a two-hundred day simple moving average of $107.33. Nuvalent has a 52-week low of $71.13 and a 52-week high of $123.99. The firm has a market cap of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period in the previous year, the business posted ($1.18) EPS. As a group, equities analysts expect that Nuvalent will post -5.74 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $123.72, for a total value of $3,711,600.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares in the company, valued at approximately $40,194,029.88. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Henry E. Pelish sold 2,111 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $123.81, for a total transaction of $261,362.91. Following the transaction, the insider directly owned 63,493 shares in the company, valued at $7,861,068.33. The trade was a 3.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 125,971 shares of company stock valued at $13,358,939. 5.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Nuvalent by 47.6% in the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Nuvalent by 141.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock valued at $34,000 after buying an additional 195 shares during the last quarter. NBC Securities Inc. acquired a new stake in Nuvalent in the 4th quarter valued at $125,000. KBC Group NV lifted its position in Nuvalent by 24.1% during the 4th quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after buying an additional 297 shares in the last quarter. Finally, US Bancorp DE lifted its position in Nuvalent by 10.0% during the 3rd quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after buying an additional 188 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Company Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.