State of New Jersey Common Pension Fund D Makes New $2.41 Million Investment in Nuvalent, Inc. (NASDAQ:NUVL)

State of New Jersey Common Pension Fund D bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,575 shares of the company's stock, valued at approximately $2,412,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NUVL. Darwin Global Management Ltd. boosted its position in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company's stock worth $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Samlyn Capital LLC purchased a new stake in Nuvalent during the second quarter valued at $17,397,000. Logos Global Management LP purchased a new stake in Nuvalent during the second quarter valued at $14,793,000. Dimensional Fund Advisors LP raised its stake in shares of Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock valued at $26,409,000 after acquiring an additional 155,276 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of Nuvalent by 1,127.1% in the second quarter. Marshall Wace LLP now owns 84,081 shares of the company's stock valued at $6,378,000 after acquiring an additional 77,229 shares during the period. Institutional investors own 97.26% of the company's stock.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the transaction, the director now directly owns 228,522 shares of the company's stock, valued at $19,300,968.12. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now directly owns 8,670,512 shares of the company's stock, valued at $847,542,548. The trade was a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,122,629 shares of company stock worth $207,180,508. Corporate insiders own 12.52% of the company's stock.

Nuvalent Stock Performance

Nuvalent stock traded down $0.16 during midday trading on Thursday, hitting $90.18. 452,519 shares of the company's stock were exchanged, compared to its average volume of 439,253. Nuvalent, Inc. has a 12 month low of $56.52 and a 12 month high of $113.51. The firm has a 50-day moving average of $97.16 and a two-hundred day moving average of $82.89. The company has a market cap of $5.84 billion, a PE ratio of -26.03 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the company posted ($0.59) EPS. As a group, equities analysts expect that Nuvalent, Inc. will post -3.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NUVL. Stifel Nicolaus increased their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. Lifesci Capital raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a "neutral" rating and a $100.00 target price on the stock. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. Finally, Guggenheim upped their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $112.60.

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.