Wellington Management Group LLP Increases Stake in Nuvalent, Inc. (NASDAQ:NUVL)

Wellington Management Group LLP raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 27.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,284,575 shares of the company's stock after buying an additional 272,738 shares during the quarter. Wellington Management Group LLP owned about 1.79% of Nuvalent worth $100,557,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pictet Asset Management Holding SA boosted its position in shares of Nuvalent by 3.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 641,781 shares of the company's stock valued at $50,239,000 after acquiring an additional 20,648 shares during the period. Norges Bank bought a new position in Nuvalent in the 4th quarter valued at $24,951,000. NEOS Investment Management LLC grew its position in shares of Nuvalent by 10.9% during the 4th quarter. NEOS Investment Management LLC now owns 11,617 shares of the company's stock valued at $909,000 after purchasing an additional 1,140 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Nuvalent by 137.8% in the fourth quarter. JPMorgan Chase & Co. now owns 82,527 shares of the company's stock worth $6,460,000 after purchasing an additional 47,818 shares during the period. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of Nuvalent in the fourth quarter worth $27,000. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of NUVL stock traded down $1.09 on Tuesday, hitting $63.59. 90,821 shares of the company's stock traded hands, compared to its average volume of 472,710. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -18.37 and a beta of 1.43. The company's fifty day simple moving average is $77.02 and its 200 day simple moving average is $85.98. Nuvalent, Inc. has a one year low of $59.82 and a one year high of $113.51.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $18,896,333.94. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the transaction, the director now directly owns 218,522 shares in the company, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,000 shares of company stock worth $6,541,080 in the last ninety days. 12.52% of the stock is owned by insiders.

Analysts Set New Price Targets

NUVL has been the topic of a number of research analyst reports. Wedbush restated an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $113.44.

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.