State of New Jersey Common Pension Fund D Makes New $2.41 Million Investment 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, HoldingsChannel.com reports. The institutional investor bought 23,575 shares of the company’s stock, valued at approximately $2,412,000.

A number of other institutional investors have also recently made changes to their positions in NUVL. Allspring Global Investments Holdings LLC increased its holdings in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring 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 worth $84,000 after purchasing an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Swiss National Bank raised its position in shares of Nuvalent by 0.8% in the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after purchasing an additional 400 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Nuvalent during the 2nd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the topic of a number of analyst reports. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Barclays assumed coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Finally, Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $90.34 on Thursday. The company’s fifty day moving average price is $97.16 and its 200-day moving average price is $82.89. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -26.03 and a beta of 1.33. Nuvalent, Inc. has a one year low of $56.52 and a one year high of $113.51.

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

Insider Transactions at Nuvalent

In related news, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the transaction, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now owns 228,522 shares of the company’s stock, valued at approximately $19,300,968.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Henry E. Pelish sold 10,500 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at $5,623,362.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is currently owned by corporate 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.