Investing

Biotech Fund Fairmount Funds Opens Position in NUVL / Nuvalent After Positive Trial Results

Fintel Staff

Published: November 10, 2022 4:14 am

Last Updated: November 10, 2022 11:36 am

Fintel reports that Fairmount Funds Management LLC has filed a 13G form with the SEC disclosing ownership of 2,605,124 shares of Nuvalent, Inc. Class A (NUVL). This represents 5.13% of the company.

Fairmount is a Philadelphia-based investment firm dedicated to investing in promising new therapies pursued by biotechnology and life science companies.

Nuvalent recently published an update on drug trial results, stating:

Favorable preliminary safety profile of NVL-520 suggests potential for a highly ROS1-selective, TRK sparing design, with no dose-limiting toxicities, treatment-related serious adverse events, treatment-related dizziness, or adverse events leading to treatment reductions or discontinuations as of the data cut-off date

Encouraging preliminary signs of activity observed across all dose levels in heavily pre-treated patients with ROS1-positive NSCLC, including in subgroups of patients with G2032R resistance mutation or with brain metastases

What are other large shareholders doing?

Deerfield Management Company, L.p. (series C) holds 19,341,024 shares representing 34.39% ownership of the company. No change in the last quarter.

Fmr Llc holds 6,431,812 shares representing 11.44% ownership of the company. In it’s prior filing, the firm reported owning 6,432,387 shares, representing a decrease of 0.01%. The firm increased its portfolio allocation in NUVL by 21.74% over the last quarter.

Bain Capital Life Sciences Investors, LLC holds 3,428,014 shares representing 6.10% ownership of the company. No change in the last quarter.

Fairmount Funds Management LLC holds 2,079,863 shares representing 3.70% ownership of the company. In it’s prior filing, the firm reported owning 1,715,518 shares, representing an increase of 17.52%. The firm increased its portfolio allocation in NUVL by 33.50% over the last quarter.

Bvf Inc/il holds 1,666,282 shares representing 2.96% ownership of the company. In it’s prior filing, the firm reported owning 689,418 shares, representing an increase of 58.63%. The firm increased its portfolio allocation in NUVL by 184.87% over the last quarter.

What is the overall institutional sentiment?

There are 194 funds or institutions reporting positions in Nuvalent, Inc. Class A. This is an increase of 15 owner(s) or 8.38%.

Average portfolio weight of all funds dedicated to Nuvalent, Inc. Class A is 0.1358%, an increase of 8.3743%. Total shares owned by institutions increased in the last three months by 2.36% to 47,932,776 shares.

Based on this information, institutional sentiment is bullish.

This article originally appeared on Fintel