Teacher Retirement System of Texas Raises Position in Nuvalent, Inc. (NASDAQ:NUVL)

Teacher Retirement System of Texas lifted its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 43.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,609 shares of the company’s stock after acquiring an additional 3,197 shares during the quarter. Teacher Retirement System of Texas’ holdings in Nuvalent were worth $830,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its holdings in Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares during the period. Geode Capital Management LLC increased its stake in shares of Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after buying an additional 73,429 shares during the period. Candriam S.C.A. raised its holdings in Nuvalent by 15.6% in the fourth quarter. Candriam S.C.A. now owns 368,095 shares of the company’s stock valued at $28,814,000 after acquiring an additional 49,728 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Nuvalent by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company’s stock worth $25,329,000 after acquiring an additional 7,742 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after acquiring an additional 70,157 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares in the company, valued at $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Henry E. Pelish sold 2,483 shares of Nuvalent stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now owns 59,981 shares in the company, valued at approximately $4,779,286.08. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,800 shares of company stock worth $8,437,464. Company insiders own 12.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Nuvalent Trading Down 0.8 %

NUVL stock opened at $73.05 on Friday. The company has a market capitalization of $5.23 billion, a P/E ratio of -21.05 and a beta of 1.42. The business has a 50 day simple moving average of $78.54 and a 200-day simple moving average of $87.27. Nuvalent, Inc. has a twelve month low of $61.80 and a twelve month high of $113.51.

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

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.