Ikarian Capital LLC Sells 99,363 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Ikarian Capital LLC lessened its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 65.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 52,238 shares of the company’s stock after selling 99,363 shares during the period. Nuvalent comprises approximately 0.7% of Ikarian Capital LLC’s holdings, making the stock its 22nd biggest position. Ikarian Capital LLC owned approximately 0.08% of Nuvalent worth $5,344,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in shares of Nuvalent by 39.3% in the 3rd quarter. Janus Henderson Group PLC now owns 17,716 shares of the company’s stock worth $1,812,000 after purchasing an additional 5,000 shares during the period. HighVista Strategies LLC raised its stake in Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after acquiring an additional 320 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in Nuvalent by 111.0% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock worth $30,194,000 after acquiring an additional 155,261 shares during the period. Erste Asset Management GmbH bought a new stake in Nuvalent during the 3rd quarter worth approximately $1,140,000. Finally, Portland Investment Counsel Inc. purchased a new stake in Nuvalent during the 3rd quarter valued at approximately $205,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NASDAQ NUVL traded down $0.19 on Tuesday, hitting $94.08. 5,553 shares of the stock were exchanged, compared to its average volume of 434,112. Nuvalent, Inc. has a 52-week low of $61.79 and a 52-week high of $113.51. The firm has a market capitalization of $6.68 billion, a P/E ratio of -27.17 and a beta of 1.31. The stock has a fifty day moving average price of $96.83 and a two-hundred day moving average price of $85.04.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the company posted ($0.59) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Guggenheim increased their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. BMO Capital Markets increased their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. Finally, UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $96.22, for a total value of $192,440.00. Following the completion of the sale, the director now directly owns 222,522 shares in the company, valued at $21,411,066.84. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,936,394. The trade was a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is currently owned by insiders.

Nuvalent Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.