Perceptive Advisors LLC Sells 84,600 Shares of Nuvalent, Inc. $NUVL

Perceptive Advisors LLC trimmed its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,580,505 shares of the company’s stock after selling 84,600 shares during the quarter. Nuvalent comprises 3.2% of Perceptive Advisors LLC’s holdings, making the stock its 8th biggest position. Perceptive Advisors LLC’s holdings in Nuvalent were worth $161,923,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Nuvalent by 141.3% in the first quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock valued at $34,000 after acquiring an additional 195 shares in the last quarter. NBC Securities Inc. bought a new stake in Nuvalent during the fourth quarter worth approximately $125,000. KBC Group NV lifted its position in Nuvalent by 24.1% in the fourth quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after purchasing an additional 297 shares during the period. US Bancorp DE lifted its position in Nuvalent by 10.0% in the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after purchasing an additional 188 shares during the period. Finally, Portland Investment Counsel Inc. bought a new position in Nuvalent during the 4th quarter valued at $201,000. 97.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Nuvalent news, insider Henry E. Pelish sold 2,111 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $123.81, for a total value of $261,362.91. Following the completion of the transaction, the insider directly owned 63,493 shares in the company, valued at $7,861,068.33. This trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $107.84, for a total transaction of $593,120.00. Following the completion of the transaction, the insider owned 59,634 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders sold 120,471 shares of company stock worth $12,813,229. Company insiders own 5.02% of the company’s stock.

Nuvalent Price Performance

NUVL opened at $123.96 on Friday. The firm has a market cap of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14. The business has a fifty day simple moving average of $118.13 and a 200-day simple moving average of $108.10. Nuvalent, Inc. has a fifty-two week low of $71.13 and a fifty-two week high of $123.99.

Nuvalent (NASDAQ:NUVL) last announced its earnings results 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 period in the prior year, the business earned ($1.18) earnings per share. On average, equities research analysts anticipate that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $124.00 price target (up from $116.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Stifel Nicolaus set a $124.00 price objective on Nuvalent in a report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research note on Tuesday, April 21st. Canaccord Genuity Group downgraded shares of Nuvalent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Finally, Truist Financial lowered shares of Nuvalent from a “buy” rating to a “hold” rating and reduced their price objective for the company from $140.00 to $124.00 in a research report on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $127.73.

About Nuvalent

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.