New York State Common Retirement Fund Sells 2,495 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

New York State Common Retirement Fund cut its position in Nuvalent, Inc. (NASDAQ:NUVL) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,971 shares of the company’s stock after selling 2,495 shares during the quarter. New York State Common Retirement Fund’s holdings in Nuvalent were worth $1,328,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV lifted its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after buying an additional 602 shares during the period. Portland Investment Counsel Inc. acquired a new position in shares of Nuvalent in the third quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the last quarter. Creative Planning acquired a new stake in Nuvalent during the 3rd quarter valued at approximately $232,000. Finally, FORA Capital LLC bought a new position in Nuvalent during the 3rd quarter worth approximately $328,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $113.10.

Nuvalent Stock Up 0.1 %

Shares of NUVL opened at $74.98 on Monday. The stock has a market capitalization of $5.33 billion, a P/E ratio of -21.61 and a beta of 1.38. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The firm has a fifty day simple moving average of $80.38 and a two-hundred day simple moving average of $88.52.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). Sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insider Activity

In other news, CFO Alexandra Balcom sold 4,016 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the transaction, the chief financial officer now directly owns 61,734 shares in the company, valued at $4,918,965.12. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at $16,292,466.93. The trade was a 12.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,800 shares of company stock worth $8,895,004. Insiders own 12.52% of the company’s stock.

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.