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

Nuvalent, Inc. (NASDAQ:NUVL) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 3,117,569 shares, a decline of 40.5% from the May 31st total of 5,241,004 shares. Based on an average daily trading volume, of 7,324,746 shares, the short-interest ratio is presently 0.4 days. Approximately 4.2% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NUVL. Piper Sandler lowered Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 target price for the company. in a research report on Tuesday, June 9th. Wells Fargo & Company reissued an “equal weight” rating and issued a $124.00 price target (up from $116.00) on shares of Nuvalent in a report on Tuesday, June 9th. Truist Financial cut shares of Nuvalent from a “buy” rating to a “hold” rating and dropped their target price for the company from $140.00 to $124.00 in a research note on Tuesday, June 9th. Raymond James Financial downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 9th. Finally, Barclays restated an “equal weight” rating and set a $124.00 price target (down from $152.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Hold” and an average target price of $127.73.

Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 11,430 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $98.69, for a total value of $1,128,026.70. Following the completion of the transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $8,441,251.77. This represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $107.84, for a total value of $593,120.00. Following the sale, the insider directly owned 59,634 shares of the company’s stock, valued at $6,430,930.56. The trade was a 8.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 115,523 shares of company stock valued at $11,409,713. Insiders own 5.02% of the company’s stock.

Institutional Trading of Nuvalent

A number of institutional investors have recently modified their holdings of NUVL. RA Capital Management L.P. bought a new stake in shares of Nuvalent during the 3rd quarter valued at $107,794,000. Wellington Management Group LLP boosted its stake in Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after purchasing an additional 724,491 shares during the period. Vanguard Group Inc. boosted its stake in Nuvalent by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after purchasing an additional 639,264 shares during the period. Norges Bank purchased a new position in Nuvalent during the 4th quarter valued at about $57,763,000. Finally, JPMorgan Chase & Co. grew its holdings in Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after buying an additional 545,542 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Price Performance

Shares of NUVL stock remained flat at $123.73 on Friday. The stock had a trading volume of 1,296,996 shares, compared to its average volume of 5,190,902. The company has a market capitalization of $9.77 billion, a price-to-earnings ratio of -20.42 and a beta of 1.14. Nuvalent has a 12 month low of $71.13 and a 12 month high of $123.80. The firm has a 50 day moving average price of $109.40 and a 200 day moving average price of $105.00.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same quarter last year, the company posted ($1.18) earnings per share. Sell-side analysts expect that Nuvalent will post -5.74 earnings per share for the current year.

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.