Seven Eight Capital LP Has $477,000 Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Seven Eight Capital LP reduced its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 59.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,286 shares of the company’s stock after selling 9,320 shares during the period. Seven Eight Capital LP’s holdings in Nuvalent were worth $477,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NUVL. Rhenman & Partners Asset Management AB lifted its stake in Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares during the last quarter. Renaissance Capital LLC bought a new position in shares of Nuvalent in the 1st quarter valued at $1,301,000. Parkman Healthcare Partners LLC acquired a new stake in shares of Nuvalent during the 4th quarter valued at $4,406,000. Commodore Capital LP grew its position in Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after purchasing an additional 72,222 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. Wedbush upped their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $111.00.

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,515,482. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Nuvalent news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Monday, July 1st. The shares were sold at an average price of $75.54, for a total value of $377,700.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,515,482. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $73.23, for a total transaction of $219,690.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,438,559. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,629 shares of company stock worth $9,901,758. 12.52% of the stock is owned by corporate insiders.

Nuvalent Stock Up 4.6 %

Shares of NASDAQ NUVL opened at $108.00 on Monday. The company has a market capitalization of $6.97 billion, a PE ratio of -44.81 and a beta of 1.28. Nuvalent, Inc. has a twelve month low of $41.16 and a twelve month high of $113.51. The firm has a fifty day simple moving average of $82.34 and a 200 day simple moving average of $76.47.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the company earned ($0.51) earnings per share. As a group, equities analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Nuvalent Company 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.