Nuvalent, Inc. (NASDAQ:NUVL) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 65.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,011,837 shares of the company's stock after purchasing an additional 400,402 shares during the period. Wellington Management Group LLP owned 1.56% of Nuvalent worth $103,511,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NUVL. RA Capital Management L.P. raised its holdings in Nuvalent by 47.2% during the third quarter. RA Capital Management L.P. now owns 176,281 shares of the company's stock worth $18,034,000 after purchasing an additional 56,492 shares in the last quarter. Readystate Asset Management LP purchased a new stake in shares of Nuvalent during the 3rd quarter worth $512,000. Polar Asset Management Partners Inc. purchased a new position in shares of Nuvalent in the 3rd quarter valued at about $7,036,000. Janus Henderson Group PLC lifted its stake in shares of Nuvalent by 39.3% in the third quarter. Janus Henderson Group PLC now owns 17,716 shares of the company's stock valued at $1,812,000 after purchasing an additional 5,000 shares during the period. Finally, HighVista Strategies LLC boosted its holdings in Nuvalent by 1.1% during the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company's stock worth $2,969,000 after buying an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the firm'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 value of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares of the company's stock, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the company's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company's stock, valued at $3,365,298. This represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,090,795 shares of company stock valued at $204,498,241 in the last ninety days. Corporate insiders own 12.52% of the company's stock.

Nuvalent Price Performance

NASDAQ NUVL traded down $0.95 during trading hours on Tuesday, hitting $92.96. The company had a trading volume of 197,863 shares, compared to its average volume of 430,890. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of -26.88 and a beta of 1.31. The firm's 50 day moving average is $96.01 and its 200 day moving average is $86.06.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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 prior year, the business posted ($0.59) earnings per share. On average, equities analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. Finally, BMO Capital Markets raised their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent presently has an average rating of "Moderate Buy" and a consensus price target of $112.60.

Nuvalent Company 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.