Nuvalent, Inc. $NUVL Stock Holdings Lifted by Police & Firemen s Retirement System of New Jersey

Police & Firemen s Retirement System of New Jersey grew its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 27.3% in the second quarter, Holdings Channel.com reports. The fund owned 9,822 shares of the company’s stock after buying an additional 2,104 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Nuvalent were worth $749,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NUVL. Voya Investment Management LLC boosted its position in shares of Nuvalent by 6.6% in the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock valued at $8,532,000 after purchasing an additional 7,414 shares during the period. Voleon Capital Management LP acquired a new stake in Nuvalent during the 1st quarter worth about $1,489,000. Strs Ohio purchased a new stake in Nuvalent during the first quarter valued at about $404,000. American Century Companies Inc. lifted its stake in Nuvalent by 51.3% during the first quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock valued at $20,003,000 after buying an additional 95,661 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Nuvalent by 58.8% in the first quarter. US Bancorp DE now owns 1,836 shares of the company’s stock worth $130,000 after buying an additional 680 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NUVL shares. Piper Sandler upped their price target on shares of Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Robert W. Baird boosted their target price on shares of Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. UBS Group raised their target price on Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Guggenheim lifted their price target on Nuvalent from $125.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. Finally, HC Wainwright upped their price target on Nuvalent from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Thirteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.69.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 32,455 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $100.27, for a total value of $3,254,262.85. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $22,572,489.06. This trade represents a 9.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 291,000 shares of company stock worth $27,207,121. 10.20% of the stock is owned by corporate insiders.

Nuvalent Trading Down 2.0%

NASDAQ NUVL opened at $105.88 on Monday. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $112.88. The firm’s fifty day simple moving average is $90.70 and its 200-day simple moving average is $82.03. The company has a market capitalization of $7.70 billion, a PE ratio of -19.90 and a beta of 1.31.

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

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.