Nuvalent, Inc. (NASDAQ:NUVL) Short Interest Down 75.4% in July

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Leerink Partners set a $165.00 price target on shares of Nuvalent in a research report on Wednesday, June 3rd. Barclays reaffirmed an “equal weight” rating and issued a $124.00 price target (down from $152.00) on shares of Nuvalent in a report on Tuesday, June 9th. Cantor Fitzgerald downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Robert W. Baird set a $122.85 price objective on shares of Nuvalent in a report on Tuesday, June 9th. Finally, Truist Financial downgraded shares of Nuvalent from a “buy” rating to a “hold” rating and dropped their target price for the stock from $140.00 to $124.00 in a research report on Tuesday, June 9th. Four investment 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 data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $127.73.

Insider Buying and Selling at Nuvalent

In related news, insider Deborah Ann Miller sold 5,500 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the sale, the insider directly owned 59,634 shares in the company, valued at approximately $6,430,930.56. This represents a 8.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexandra Balcom sold 11,430 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $123.58, for a total transaction of $1,412,519.40. Following the completion of the sale, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at $10,570,168.14. This trade represents a 11.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 125,971 shares of company stock valued at $13,358,939 in the last quarter. Company insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Nuvalent by 47.6% in the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock valued at $34,000 after buying an additional 108 shares during the period. Kennedy Capital Management LLC lifted its stake in Nuvalent by 1.5% during the fourth quarter. Kennedy Capital Management LLC now owns 10,932 shares of the company’s stock valued at $1,100,000 after buying an additional 163 shares in the last quarter. US Bancorp DE lifted its stake in Nuvalent by 10.0% during the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock valued at $179,000 after buying an additional 188 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Nuvalent by 141.3% in the 1st 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. Finally, AlphaCentric Advisors LLC boosted its position in shares of Nuvalent by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 4,657 shares of the company’s stock worth $477,000 after buying an additional 253 shares during the period. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NASDAQ NUVL remained flat at $123.96 during trading hours on Friday. Nuvalent has a fifty-two week low of $71.13 and a fifty-two week high of $123.99. The stock has a fifty day simple moving average of $115.86 and a 200 day simple moving average of $107.33. The stock has a market capitalization of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data 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 quarter in the previous year, the company posted ($1.18) EPS. On average, research analysts expect that Nuvalent will post -5.74 EPS 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.