Nuvalent, Inc. (NASDAQ:NUVL) Shares Bought by Arizona State Retirement System

Arizona State Retirement System raised its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 15.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 8,215 shares of the company’s stock after acquiring an additional 1,127 shares during the period. Arizona State Retirement System’s holdings in Nuvalent were worth $623,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Swiss National Bank raised its position in shares of Nuvalent by 11.7% during the 4th quarter. Swiss National Bank now owns 50,500 shares of the company’s stock valued at $3,716,000 after acquiring an additional 5,300 shares in the last quarter. Amalgamated Bank increased its stake in Nuvalent by 8.1% during 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. Charles Schwab Investment Management Inc. raised its holdings in shares of Nuvalent by 19.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 236,881 shares of the company’s stock worth $17,432,000 after purchasing an additional 38,895 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Nuvalent by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after buying an additional 18,263 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after buying an additional 139 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now owns 232,522 shares in the company, valued at $18,652,914.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now directly owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,834 shares of company stock worth $6,818,117. 12.52% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NUVL has been the subject of a number of research reports. Wedbush restated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Monday, September 9th. Stifel Nicolaus upped their price objective on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their target price on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent presently has an average rating of “Buy” and a consensus price target of $103.00.

Nuvalent Stock Up 7.1 %

NASDAQ:NUVL opened at $87.45 on Monday. The company’s 50 day moving average is $79.27 and its 200-day moving average is $75.65. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -36.29 and a beta of 1.28. Nuvalent, Inc. has a 12 month low of $39.86 and a 12 month high of $89.89.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the company posted ($0.51) earnings per share. Research analysts predict that Nuvalent, Inc. will post -3.55 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.