Teacher Retirement System of Texas Has $815,000 Stake in Nuvalent, Inc. $NUVL

Teacher Retirement System of Texas increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 9.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 10,675 shares of the company’s stock after purchasing an additional 964 shares during the quarter. Teacher Retirement System of Texas’ holdings in Nuvalent were worth $815,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. State of New Jersey Common Pension Fund D grew its holdings in Nuvalent by 3.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 25,720 shares of the company’s stock worth $1,962,000 after acquiring an additional 928 shares during the period. TD Asset Management Inc boosted its position in shares of Nuvalent by 47.4% in the 2nd quarter. TD Asset Management Inc now owns 98,900 shares of the company’s stock worth $7,546,000 after purchasing an additional 31,822 shares during the last quarter. CWM LLC grew its stake in shares of Nuvalent by 253.8% during the second quarter. CWM LLC now owns 1,486 shares of the company’s stock worth $113,000 after purchasing an additional 1,066 shares during the period. Vanguard Personalized Indexing Management LLC bought a new stake in Nuvalent in the second quarter valued at about $290,000. Finally, KLP Kapitalforvaltning AS lifted its stake in Nuvalent by 23.5% in the second quarter. KLP Kapitalforvaltning AS now owns 8,400 shares of the company’s stock valued at $641,000 after buying an additional 1,600 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 32,455 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $100.27, for a total transaction of $3,254,262.85. Following the sale, the director directly owned 1,383,044 shares of the company’s stock, valued at $138,677,821.88. The trade was a 2.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $90.63, for a total value of $2,447,010.00. Following the completion of the transaction, the chief executive officer owned 249,062 shares of the company’s stock, valued at $22,572,489.06. The trade was a 9.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 273,071 shares of company stock worth $24,625,356. Company insiders own 10.20% of the company’s stock.

Analysts Set New Price Targets

NUVL has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a research report on Wednesday, October 8th. Barclays increased their price target on shares of Nuvalent from $100.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Cantor Fitzgerald initiated coverage on shares of Nuvalent in a report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 price objective for the company. Piper Sandler upped their target price on shares of Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Finally, UBS Group lifted their price target on shares of Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $123.08.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $93.35 on Friday. The firm has a market cap of $6.73 billion, a PE ratio of -17.55 and a beta of 1.31. The business’s 50 day simple moving average is $86.36 and its 200 day simple moving average is $80.00. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $104.90.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the business earned ($1.28) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

About Nuvalent

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.