Teachers Retirement System of The State of Kentucky Has $1.19 Million Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Teachers Retirement System of The State of Kentucky lowered its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 18.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 16,118 shares of the company’s stock after selling 3,762 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Nuvalent were worth $1,186,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Compass Wealth Management LLC purchased a new position in shares of Nuvalent during the fourth quarter valued at approximately $63,000. Exchange Traded Concepts LLC boosted its holdings in Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after acquiring an additional 750 shares during the last quarter. High Net Worth Advisory Group LLC bought a new stake in shares of Nuvalent in the 4th quarter worth $221,000. Amalgamated Bank raised its holdings in shares of Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after purchasing an additional 285 shares during the last quarter. Finally, Harvest Investment Services LLC bought a new position in shares of Nuvalent during the fourth quarter valued at about $331,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $79.25 on Monday. The business’s fifty day moving average price is $70.58 and its 200-day moving average price is $75.04. Nuvalent, Inc. has a one year low of $38.78 and a one year high of $89.39. The stock has a market capitalization of $5.12 billion, a PE ratio of -32.88 and a beta of 1.27.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). As a group, equities analysts expect that Nuvalent, Inc. will post -3.06 EPS for the current fiscal year.

Insider Activity at Nuvalent

In related news, Director Andrew A. F. Hack sold 880,000 shares of Nuvalent stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total value of $64,037,600.00. Following the completion of the transaction, the director now directly owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Emily Conley sold 5,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $77.56, for a total value of $387,800.00. Following the sale, the director now directly owns 2,507 shares of the company’s stock, valued at $194,442.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew A. F. Hack sold 880,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the completion of the transaction, the director now owns 2,697,267 shares of the company’s stock, valued at $196,280,119.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,142,000 shares of company stock worth $82,157,145. 12.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NUVL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Jefferies Financial Group began coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. Guggenheim initiated coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective on the stock. BMO Capital Markets raised their target price on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Finally, Leerink Partnrs raised shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $90.78.

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.