Wellington Management Group LLP Raises Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Wellington Management Group LLP lifted its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 65.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,011,837 shares of the company’s stock after buying an additional 400,402 shares during the period. Wellington Management Group LLP’s holdings in Nuvalent were worth $103,511,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in NUVL. FMR LLC raised its position in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares during the period. Samlyn Capital LLC purchased a new stake in shares of Nuvalent during the 2nd quarter valued at about $17,397,000. Logos Global Management LP acquired a new position in Nuvalent during the 2nd quarter worth approximately $14,793,000. Dimensional Fund Advisors LP lifted its position in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC boosted its holdings in Nuvalent by 111.0% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company’s stock worth $30,194,000 after acquiring an additional 155,261 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Finally, Guggenheim raised their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Trading Down 0.4 %

Shares of NUVL opened at $93.91 on Tuesday. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of -27.06 and a beta of 1.31. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The stock has a 50 day moving average of $96.01 and a 200-day moving average of $86.06.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the company posted ($0.59) EPS. On average, sell-side analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. The trade was a 12.55 % decrease in their position. The transaction 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 company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the transaction, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $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. Insiders have sold a total of 2,090,795 shares of company stock worth $204,498,241 over the last quarter. 12.52% of the stock is 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.