State of New Jersey Common Pension Fund D Has $1.81 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

State of New Jersey Common Pension Fund D decreased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,053 shares of the company’s stock after selling 522 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Nuvalent were worth $1,805,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. KBC Group NV boosted its stake in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after buying an additional 602 shares in the last quarter. Portland Investment Counsel Inc. bought a new position in shares of Nuvalent during the third quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares in the last quarter. Creative Planning bought a new stake in shares of Nuvalent in the 3rd quarter worth about $232,000. Finally, FORA Capital LLC acquired a new stake in shares of Nuvalent during the 3rd quarter worth about $328,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now directly owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,800 shares of company stock worth $8,895,004. Company insiders own 12.52% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NUVL. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Friday, January 17th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Nuvalent Stock Down 2.7 %

Nuvalent stock opened at $75.89 on Wednesday. The stock has a market cap of $5.39 billion, a price-to-earnings ratio of -21.87 and a beta of 1.38. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51. The business’s 50-day simple moving average is $80.88 and its 200 day simple moving average is $88.43.

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.