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

Posted by Defense World Staff on Oct 18th, 2023

Teacher Retirement System of Texas purchased a new stake in Nuvalent, Inc. (NASDAQ:NUVL – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,577 shares of the company’s stock, valued at approximately $235,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Nuvalent in the second quarter valued at about $92,000. SG Americas Securities LLC raised its stake in Nuvalent by 57.0% in the second quarter. SG Americas Securities LLC now owns 13,936 shares of the company’s stock valued at $588,000 after buying an additional 5,057 shares during the last quarter. New York State Common Retirement Fund raised its stake in Nuvalent by 20.2% in the first quarter. New York State Common Retirement Fund now owns 15,591 shares of the company’s stock valued at $407,000 after buying an additional 2,624 shares during the last quarter. Perceptive Advisors LLC raised its stake in Nuvalent by 2.0% in the first quarter. Perceptive Advisors LLC now owns 2,300,048 shares of the company’s stock valued at $60,008,000 after buying an additional 45,041 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Nuvalent by 25.2% in the first quarter. State Street Corp now owns 1,043,203 shares of the company’s stock worth $27,217,000 after purchasing an additional 210,155 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Christopher Durant Turner sold 2,365 shares of Nuvalent stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $46.85, for a total transaction of $110,800.25. Following the transaction, the insider now owns 14,513 shares in the company, valued at $679,934.05. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Darlene Noci sold 3,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $49.95, for a total transaction of $149,850.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher Durant Turner sold 2,365 shares of Nuvalent stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $46.85, for a total value of $110,800.25. Following the completion of the sale, the insider now owns 14,513 shares in the company, valued at approximately $679,934.05. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,225 shares of company stock worth $1,205,063. 14.77% of the stock is owned by corporate insiders.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $53.16 on Wednesday. The business’s 50 day moving average price is $47.58 and its 200-day moving average price is $42.41. The firm has a market capitalization of $3.03 billion, a PE ratio of -28.74 and a beta of 1.35. Nuvalent, Inc. has a 1 year low of $18.19 and a 1 year high of $65.50.

Nuvalent (NASDAQ:NUVL – Get Free Report) last issued its quarterly earnings results on Thursday, August 10th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.04. As a group, analysts expect that Nuvalent, Inc. will post -2.16 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. SVB Securities assumed coverage on Nuvalent in a research note on Tuesday, August 8th. They issued a “market perform” rating and a $42.00 price objective for the company. Stifel Nicolaus reiterated a “buy” rating on shares of Nuvalent in a research report on Wednesday, October 4th. Wedbush lifted their price target on Nuvalent from $53.00 to $65.00 in a research report on Wednesday, October 4th. SVB Leerink initiated coverage on Nuvalent in a research report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 price target for the company. Finally, Leerink Partnrs reiterated a “market perform” rating on shares of Nuvalent in a research report on Tuesday, August 8th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.71.

Read Our Latest Stock Report on NUVL

Nuvalent Profile

(Free Report)

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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase ½ 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 ongoing IND-enabling studies.