Nuvalent, Inc. $NUVL Stake Increased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its holdings in Nuvalent, Inc. by 12.3% in the first quarter, owning 1,442,384 shares valued at approximately $102.3 million.
• Analysts have a consensus rating of "Buy" for Nuvalent, with a price target average of $118.91, reflecting strong investor confidence.
• Nuvalent's stock currently has a market capitalization of $5.31 billion and showed a performance range between a 52-week low of $55.53 and a high of $113.51.

Wellington Management Group LLP raised its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,442,384 shares of the company's stock after purchasing an additional 157,809 shares during the period. Wellington Management Group LLP owned about 2.01% of Nuvalent worth $102,294,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC bought a new stake in Nuvalent during the fourth quarter valued at $87,689,000. Vestal Point Capital LP acquired a new stake in shares of Nuvalent during the 4th quarter worth approximately $46,968,000. Polar Capital Holdings Plc raised its position in shares of Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after purchasing an additional 584,223 shares during the period. Adage Capital Partners GP L.L.C. raised its position in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock worth $53,230,000 after purchasing an additional 400,000 shares during the period. Finally, Paradigm Biocapital Advisors LP raised its position in shares of Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares during the period. Institutional investors own 97.26% of the company's stock.

Insider Activity

In other news, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the completion of the sale, the chief financial officer owned 61,734 shares in the company, valued at approximately $5,253,563.40. This represents a 19.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $75.42, for a total value of $2,036,340.00. Following the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at $18,784,256.04. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,145 shares of company stock worth $9,455,872. Insiders own 10.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Leerink Partners increased their price target on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Piper Sandler assumed coverage on Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. HC Wainwright reiterated a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Robert W. Baird increased their price objective on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of "Buy" and an average target price of $118.91.

Nuvalent Stock Up 1.5%

NASDAQ NUVL traded up $1.09 on Wednesday, reaching $76.02. 50,371 shares of the stock traded hands, compared to its average volume of 532,605. The firm's fifty day simple moving average is $78.49 and its 200 day simple moving average is $75.34. The company has a market cap of $5.48 billion, a price-to-earnings ratio of -15.57 and a beta of 1.30. Nuvalent, Inc. has a 12 month low of $55.53 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the company earned ($0.88) earnings per share. As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

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.