Teachers Retirement System of The State of Kentucky Has $545,000 Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Teachers Retirement System of The State of Kentucky grew its position in Nuvalent, Inc. (NASDAQ:NUVL) by 82.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 5,324 shares of the company’s stock after purchasing an additional 2,400 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Nuvalent were worth $545,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in NUVL. FMR LLC increased its position in Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after acquiring an additional 786,257 shares during the period. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares during the period. Geode Capital Management LLC raised its position in shares of Nuvalent by 9.4% in the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after buying an additional 73,429 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after buying an additional 23,730 shares during the period. Finally, Fred Alger Management LLC grew its position in Nuvalent by 8.6% during the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after buying an additional 49,612 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Up 1.4 %

NASDAQ NUVL opened at $84.64 on Friday. The company has a market cap of $6.01 billion, a price-to-earnings ratio of -24.39 and a beta of 1.31. Nuvalent, Inc. has a twelve month low of $61.79 and a twelve month high of $113.51. The business’s fifty day moving average is $93.60 and its 200 day moving average is $86.97.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the business earned ($0.59) earnings per share. On average, research analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Darlene Noci sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $3,387,942. This trade represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,085,000 shares of company stock valued at $203,592,630 in the last ninety days. 12.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

NUVL has been the subject of a number of recent analyst reports. Guggenheim upped their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” 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 report on Monday, September 16th. Finally, Stifel Nicolaus lifted their price objective 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.60.

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.