Teacher Retirement System of Texas Boosts Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Teacher Retirement System of Texas grew its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 43.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,609 shares of the company’s stock after purchasing 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 SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Cibc World Markets Corp acquired a new stake in Nuvalent in the 4th quarter worth about $257,000. Commonwealth Equity Services LLC lifted its position in shares of Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after acquiring an additional 309 shares in the last quarter. Swiss National Bank boosted its stake in shares of Nuvalent by 21.8% in the fourth quarter. Swiss National Bank now owns 70,400 shares of the company’s stock worth $5,511,000 after acquiring an additional 12,600 shares during the last quarter. Edgestream Partners L.P. increased its position in shares of Nuvalent by 314.4% during the fourth quarter. Edgestream Partners L.P. now owns 11,724 shares of the company’s stock worth $918,000 after purchasing an additional 8,895 shares in the last quarter. Finally, E Fund Management Co. Ltd. raised its stake in Nuvalent by 53.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 4,213 shares of the company’s stock valued at $330,000 after purchasing an additional 1,460 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Analyst Ratings Changes

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

Nuvalent Stock Performance

NUVL opened at $73.05 on Friday. The stock has a market capitalization of $5.23 billion, a PE ratio of -21.05 and a beta of 1.42. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51. The business’s 50 day moving average price is $78.54 and its 200 day moving average price is $87.27.

Nuvalent (NASDAQ:NUVL) last released 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). As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at $18,926,221.38. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 4,016 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 value of $319,994.88. Following the completion of the sale, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,800 shares of company stock worth $8,437,464 over the last three months. Insiders own 12.52% of the company’s stock.

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.