New York State Common Retirement Fund Has $1.49 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

New York State Common Retirement Fund increased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 23.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,936 shares of the company's stock after purchasing an additional 3,965 shares during the period. New York State Common Retirement Fund's holdings in Nuvalent were worth $1,485,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in NUVL. Quarry LP acquired a new stake in Nuvalent during the 4th quarter worth approximately $39,000. GF Fund Management CO. LTD. acquired a new stake in Nuvalent during the 4th quarter worth approximately $108,000. Exchange Traded Concepts LLC lifted its holdings in Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Nuvalent by 13.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock worth $205,000 after purchasing an additional 309 shares during the last quarter. Finally, Diametric Capital LP acquired a new stake in Nuvalent during the 4th quarter worth approximately $212,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NUVL shares. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners lifted their price objective on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. HC Wainwright reaffirmed a "buy" rating and issued a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Robert W. Baird lifted their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $119.60.

Nuvalent Stock Up 0.7%

NUVL traded up $0.53 during midday trading on Monday, hitting $81.94. 697,319 shares of the company were exchanged, compared to its average volume of 480,476. The firm has a market capitalization of $5.88 billion, a P/E ratio of -18.67 and a beta of 1.31. Nuvalent, Inc. has a 1-year low of $55.53 and a 1-year high of $113.51. The firm's 50 day moving average price is $78.32 and its 200-day moving average price is $76.11.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results 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 in the previous year, the business earned ($0.69) earnings per share. On average, sell-side analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, insider Henry E. Pelish sold 8,630 shares of Nuvalent stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the transaction, the insider directly owned 63,101 shares of the company's stock, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total value of $2,221,290.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $20,490,330.74. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,645 shares of company stock valued at $7,007,857. 10.20% of the stock is currently owned by company insiders.

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.