Wellington Management Group LLP Has $102.29 Million Holdings in Nuvalent, Inc. $NUVL

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 increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 12.3% in the 1st quarter, according to its most recent filing with the 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 approximately 2.01% of Nuvalent worth $102,294,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NUVL. CWM LLC lifted its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in shares of Nuvalent during the 1st quarter worth about $38,000. Quarry LP acquired a new position in shares of Nuvalent during the 4th quarter worth about $39,000. Covestor Ltd increased its stake in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after acquiring an additional 861 shares during the period. Finally, GF Fund Management CO. LTD. bought a new position in Nuvalent during the fourth quarter valued at about $108,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. HC Wainwright restated a "buy" rating and set a $130.00 price target (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Robert W. Baird increased their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. 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. Finally, Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $118.91.

Insider Activity

In other news, insider Henry E. Pelish sold 8,630 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total value of $689,278.10. Following the transaction, the insider owned 63,101 shares of the company's stock, valued at $5,039,876.87. This represents a 12.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $80.02, for a total value of $1,600,400.00. Following the completion of the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $4,939,954.68. This trade represents a 24.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,145 shares of company stock valued at $9,455,872 in the last 90 days. 10.20% of the stock is owned by company insiders.

Nuvalent Stock Performance

NUVL traded up $2.43 during mid-day trading on Friday, reaching $76.08. The stock had a trading volume of 407,091 shares, compared to its average volume of 462,788. The stock has a market capitalization of $5.49 billion, a P/E ratio of -15.53 and a beta of 1.30. The firm's fifty day simple moving average is $78.55 and its two-hundred day simple moving average is $75.42. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the company posted ($0.88) earnings per share. As a group, analysts expect 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.