State of New Jersey Common Pension Fund D Invests $2.41 Million in Nuvalent, Inc. (NASDAQ:NUVL)

State of New Jersey Common Pension Fund D bought a new stake in Nuvalent, Inc. (NASDAQ:NUVL) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,575 shares of the company’s stock, valued at approximately $2,412,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the last quarter. Amalgamated Bank boosted its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the period. Swiss National Bank raised its position in shares of Nuvalent by 0.8% in the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after acquiring an additional 400 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Nuvalent in the 2nd quarter valued at about $44,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Down 0.7 %

Shares of NASDAQ:NUVL opened at $90.34 on Thursday. The business’s 50 day moving average is $97.16 and its 200 day moving average is $82.89. Nuvalent, Inc. has a 12-month low of $56.52 and a 12-month high of $113.51. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of -26.03 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the company posted ($0.59) earnings per share. As a group, equities research analysts expect that Nuvalent, Inc. will post -3.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NUVL shares. JPMorgan Chase & Co. raised their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Finally, UBS Group began coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent currently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $89.19, for a total value of $891,900.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $19,240,197.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $2,970,027. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is owned by insiders.

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.