Nuvalent, Inc. (NASDAQ:NUVL) Short Interest Update

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

Insider Transactions at Nuvalent

In other news, insider Deborah Ann Miller sold 5,500 shares of Nuvalent 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 sale, the insider owned 59,634 shares in the company, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Richard Porter sold 30,000 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $101.69, for a total value of $3,050,700.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at $33,036,945.51. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 125,971 shares of company stock worth $13,358,939. 5.02% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Nuvalent by 47.6% during the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after buying an additional 108 shares in the last quarter. Kennedy Capital Management LLC boosted its position in Nuvalent by 1.5% during the 4th quarter. Kennedy Capital Management LLC now owns 10,932 shares of the company’s stock worth $1,100,000 after acquiring an additional 163 shares during the last quarter. US Bancorp DE grew its stake in shares of 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 acquiring an additional 188 shares in the last quarter. EverSource Wealth Advisors LLC raised 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 purchasing an additional 195 shares during the last quarter. Finally, AlphaCentric Advisors LLC grew its position in Nuvalent by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 4,657 shares of the company’s stock valued at $477,000 after purchasing an additional 253 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several research analyst reports. Truist Financial downgraded Nuvalent from a “buy” rating to a “hold” rating and decreased their price objective for the company from $140.00 to $124.00 in a report on Tuesday, June 9th. Canaccord Genuity Group downgraded shares of Nuvalent from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a research report on Tuesday, June 9th. Guggenheim cut shares of Nuvalent from a “buy” rating to a “neutral” rating and reduced their target price for the company from $151.00 to $124.00 in a report on Wednesday, June 10th. Finally, Piper Sandler downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 target price for the company. in a research note on Tuesday, June 9th. Four equities 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $127.73.

Nuvalent Stock Performance

NUVL stock opened at $123.96 on Tuesday. Nuvalent has a one year low of $71.13 and a one year high of $123.99. The firm has a 50-day moving average of $116.34 and a two-hundred day moving average of $107.58. The firm has a market capitalization of $9.79 billion, a PE ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period last year, the firm earned ($1.18) EPS. On average, equities 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.