California State Teachers Retirement System Purchases 5,109 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

California State Teachers Retirement System raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 18.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,442 shares of the company's stock after acquiring an additional 5,109 shares during the quarter. California State Teachers Retirement System's holdings in Nuvalent were worth $2,618,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Paradigm Biocapital Advisors LP increased its position in shares of Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after acquiring an additional 363,379 shares during the period. Vanguard Group Inc. increased its position in shares of Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after acquiring an additional 366,239 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after acquiring an additional 215,633 shares during the period. Wellington Management Group LLP increased its position in shares of Nuvalent by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company's stock valued at $100,557,000 after acquiring an additional 272,738 shares during the period. Finally, Woodline Partners LP increased its position in shares of Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after acquiring an additional 11,248 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 10.20% of the stock is currently owned by insiders.

Nuvalent Price Performance

NASDAQ:NUVL traded down $0.07 during mid-day trading on Friday, hitting $78.02. 515,022 shares of the company's stock were exchanged, compared to its average volume of 488,810. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The business has a fifty day moving average price of $71.56 and a 200 day moving average price of $78.14. The company has a market cap of $5.60 billion, a PE ratio of -22.48 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period last year, the company earned ($0.69) EPS. On average, equities analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NUVL has been the topic of a number of research reports. HC Wainwright reaffirmed a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent presently has a consensus rating of "Moderate Buy" and an average target price of $115.50.

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.