State of New Jersey Common Pension Fund D Sells 15,228 Shares of Nuvalent, Inc. $NUVL

Key Points

• State of New Jersey Common Pension Fund D cut its Nuvalent stake by 52.7% in the fourth quarter, selling 15,228 shares and ending with 13,653 shares worth about $1.37 million.
• Several insiders also sold stock recently, including CFO Alexandra Balcom and insider Henry E. Pelish; insider selling totaled 80,023 shares worth about $8.24 million over the last 90 days.
• Nuvalent reported a quarterly loss of $1.39 per share, slightly worse than estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $137.25.

State of New Jersey Common Pension Fund D decreased its position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 52.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,653 shares of the company's stock after selling 15,228 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Nuvalent were worth $1,373,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company's stock worth $34,000 after purchasing an additional 108 shares in the last quarter. US Bancorp DE boosted its stake in shares of Nuvalent by 10.0% during the third quarter. US Bancorp DE now owns 2,070 shares of the company's stock valued at $179,000 after purchasing an additional 188 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Nuvalent by 1.9% during the third quarter. Arizona State Retirement System now owns 11,778 shares of the company's stock worth $1,019,000 after purchasing an additional 220 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Nuvalent by 7.7% during the third quarter. Principal Financial Group Inc. now owns 3,290 shares of the company's stock worth $285,000 after purchasing an additional 234 shares during the last quarter. Finally, Profund Advisors LLC increased its stake in shares of Nuvalent by 2.7% in the third quarter. Profund Advisors LLC now owns 10,687 shares of the company's stock valued at $924,000 after buying an additional 279 shares during the period. Institutional investors own 97.26% of the company's stock.

Insider Activity

In other news, insider Henry E. Pelish sold 3,093 shares of the company's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the sale, the insider directly owned 65,604 shares of the company's stock, valued at approximately $6,854,305.92. This represents a 4.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 11,430 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the sale, the chief financial officer owned 85,533 shares of the company's stock, valued at approximately $8,998,926.93. This trade represents a 11.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 80,023 shares of company stock valued at $8,235,217. Company insiders own 5.02% of the company's stock.

Nuvalent Price Performance

Nuvalent stock opened at $105.28 on Monday. The stock's 50 day moving average is $101.94 and its 200 day moving average is $102.35. The firm has a market cap of $8.28 billion, a P/E ratio of -17.37 and a beta of 1.15. Nuvalent, Inc. has a one year low of $68.64 and a one year high of $113.01.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts' consensus estimates of ($1.35) by ($0.04). During the same quarter last year, the business earned ($1.18) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -5.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NUVL shares. Wedbush reiterated an "outperform" rating and issued a $125.00 price objective on shares of Nuvalent in a report on Wednesday, April 8th. Cantor Fitzgerald upped their price target on shares of Nuvalent from $135.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, February 27th. Wells Fargo & Company started coverage on shares of Nuvalent in a research note on Monday, March 30th. They set an "overweight" rating and a $116.00 price target for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvalent in a report on Tuesday, April 21st. Finally, HC Wainwright reissued a "buy" rating and issued a $155.00 price objective on shares of Nuvalent in a research note on Tuesday, April 21st. Sixteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Nuvalent currently has an average rating of "Moderate Buy" and an average target price of $137.25.

Nuvalent Company Profile

Nuvalent, Inc NASDAQ: NUVL is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company's research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent's lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.

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