Arizona State Retirement System Boosts Position in Nuvalent, Inc. (NASDAQ:NUVL)

Arizona State Retirement System raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 22.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 7,164 shares of the company’s stock after buying an additional 1,312 shares during the quarter. Arizona State Retirement System’s holdings in Nuvalent were worth $527,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its holdings in Nuvalent by 41.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after buying an additional 187 shares in the last quarter. Amundi purchased a new position in Nuvalent during the 4th quarter valued at about $34,000. China Universal Asset Management Co. Ltd. grew its holdings in Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after buying an additional 654 shares in the last quarter. Compass Wealth Management LLC purchased a new position in Nuvalent during the 4th quarter valued at about $63,000. Finally, Royal Bank of Canada grew its holdings in shares of Nuvalent by 35.1% during the second quarter. Royal Bank of Canada now owns 1,533 shares of the company’s stock worth $65,000 after purchasing an additional 398 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

Shares of NUVL opened at $62.76 on Friday. The firm has a market cap of $4.02 billion, a P/E ratio of -29.06 and a beta of 1.29. The stock has a 50 day simple moving average of $78.27 and a two-hundred day simple moving average of $70.68. Nuvalent, Inc. has a 1 year low of $32.06 and a 1 year high of $89.39.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, equities analysts anticipate that Nuvalent, Inc. will post -2.93 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. BMO Capital Markets boosted their price objective on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Robert W. Baird assumed coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective for the company. Finally, Jefferies Financial Group assumed coverage on Nuvalent in a report on Wednesday. They set a “buy” rating and a $97.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Insider Activity

In other news, Director Andrew A. F. Hack sold 880,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the completion of the sale, the director now owns 2,697,267 shares of the company’s stock, valued at $196,280,119.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Andrew A. F. Hack sold 880,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total value of $64,037,600.00. Following the completion of the sale, the director now owns 2,697,267 shares of the company’s stock, valued at $196,280,119.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the sale, the director now directly owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,075,000 shares of company stock valued at $78,251,375. 14.77% of the stock is currently owned by company 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.