New York State Common Retirement Fund Acquires 1,947 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

New York State Common Retirement Fund increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 9.6% during the 4th quarter, HoldingsChannel reports. The firm owned 22,154 shares of the company’s stock after purchasing an additional 1,947 shares during the period. New York State Common Retirement Fund’s holdings in Nuvalent were worth $1,630,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Nuvalent by 0.7% during the third quarter. Vanguard Group Inc. now owns 2,134,182 shares of the company’s stock worth $98,108,000 after acquiring an additional 15,722 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Nuvalent by 667.4% during the 3rd quarter. Victory Capital Management Inc. now owns 208,974 shares of the company’s stock worth $9,607,000 after purchasing an additional 181,741 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after buying an additional 70,673 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Nuvalent by 196.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after buying an additional 131,296 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its stake in shares of Nuvalent by 18.9% in the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after buying an additional 15,197 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Trading Down 0.0 %

Shares of NASDAQ NUVL opened at $67.52 on Friday. The firm has a market cap of $4.33 billion, a P/E ratio of -31.26 and a beta of 1.35. The business’s 50 day moving average is $73.67 and its 200-day moving average is $71.79. Nuvalent, Inc. has a 1-year low of $37.95 and a 1-year high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $69.48, for a total value of $2,605,500.00. Following the completion of the sale, the director now owns 1,462,198 shares of the company’s stock, valued at approximately $101,593,517.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $69.48, for a total value of $2,605,500.00. Following the completion of the sale, the director now directly owns 1,462,198 shares in the company, valued at $101,593,517.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Darlene Noci sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,155,000 shares of company stock valued at $83,594,980. 14.77% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on NUVL. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Guggenheim began coverage on Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target for the company. Wedbush restated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Finally, BMO Capital Markets boosted their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

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.