Arizona State Retirement System Has $527,000 Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Arizona State Retirement System raised its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 22.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,164 shares of the company’s stock after acquiring an additional 1,312 shares during the quarter. Arizona State Retirement System’s holdings in Nuvalent were worth $527,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in NUVL. Vanguard Group Inc. lifted its holdings in shares of Nuvalent by 115.6% in the first quarter. Vanguard Group Inc. now owns 1,637,507 shares of the company’s stock worth $22,745,000 after acquiring an additional 877,835 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Nuvalent in the fourth quarter worth about $15,953,000. ArrowMark Colorado Holdings LLC bought a new position in shares of Nuvalent in the fourth quarter worth about $9,650,000. BlackRock Inc. lifted its holdings in shares of Nuvalent by 30.2% in the first quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock worth $17,466,000 after acquiring an additional 291,821 shares during the last quarter. Finally, Silverarc Capital Management LLC lifted its holdings in shares of Nuvalent by 631.1% in the fourth quarter. Silverarc Capital Management LLC now owns 302,963 shares of the company’s stock worth $9,022,000 after acquiring an additional 261,524 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Wedbush reiterated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a report on Tuesday, February 27th. JPMorgan Chase & Co. raised their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Jefferies Financial Group began coverage on shares of Nuvalent in a report on Wednesday. They issued a “buy” rating and a $97.00 price objective for the company. Finally, BMO Capital Markets raised their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the completion of the transaction, the director now owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the completion of the sale, the director now owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Darlene Noci sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,075,000 shares of company stock worth $78,251,375. 14.77% of the stock is currently owned by insiders.

Nuvalent Stock Performance

Nuvalent stock opened at $62.76 on Friday. Nuvalent, Inc. has a 52-week low of $32.06 and a 52-week high of $89.39. The firm has a 50 day moving average price of $78.27 and a two-hundred day moving average price of $70.68. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -29.06 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities research analysts predict that Nuvalent, Inc. will post -2.93 EPS for the current fiscal year.

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.