Short Interest in Nuvalent, Inc. (NASDAQ:NUVL) Drops By 40.5%

Nuvalent, Inc. (NASDAQ:NUVL) was the recipient of a large decline in short interest in 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 volume of 7,324,746 shares, the days-to-cover ratio is currently 0.4 days. Currently, 4.2% of the company’s stock are sold short.

Insider Buying and Selling

In other Nuvalent news, insider Deborah Ann Miller sold 5,500 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the sale, the insider owned 59,634 shares of the company’s stock, valued at $6,430,930.56. This trade represents a 8.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Henry E. Pelish sold 3,093 shares of Nuvalent stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the transaction, the insider owned 65,604 shares of the company’s stock, valued at $6,854,305.92. The trade was a 4.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 115,523 shares of company stock worth $11,409,713 in the last quarter. Company insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently made changes to their positions in NUVL. RA Capital Management L.P. purchased a new stake in shares of Nuvalent in the 3rd quarter valued at about $107,794,000. Wellington Management Group LLP increased its position in Nuvalent by 46.0% during the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after buying an additional 724,491 shares during the period. Vanguard Group Inc. lifted its stake in Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after buying an additional 639,264 shares during the last quarter. Norges Bank purchased a new stake in Nuvalent in the fourth quarter valued at approximately $57,763,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Nuvalent by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after acquiring an additional 545,542 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a research report on Tuesday, June 9th. Cantor Fitzgerald cut shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. Wells Fargo & Company reiterated an “equal weight” rating and set a $124.00 target price (up from $116.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Wedbush lowered Nuvalent from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $124.00 in a report on Tuesday, June 9th. Finally, Leerink Partners set a $165.00 price target on Nuvalent in a report on Wednesday, June 3rd. Four analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Nuvalent presently has an average rating of “Hold” and an average target price of $127.73.

Nuvalent Stock Performance

NUVL stock traded up $0.10 during midday trading on Wednesday, reaching $123.60. 1,494,084 shares of the company were exchanged, compared to its average volume of 1,351,650. Nuvalent has a 1-year low of $71.13 and a 1-year high of $123.69. The stock’s 50-day simple moving average is $108.76 and its 200 day simple moving average is $104.74. The company has a market cap of $9.76 billion, a price-to-earnings ratio of -20.40 and a beta of 1.15.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter last year, the business posted ($1.18) EPS. On average, research analysts anticipate 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.