Pictet Asset Management Holding SA Acquires 20,648 Shares of Nuvalent, Inc. (NASDAQ:NUVL)

Pictet Asset Management Holding SA lifted its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 3.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 641,781 shares of the company’s stock after purchasing an additional 20,648 shares during the period. Pictet Asset Management Holding SA owned 0.90% of Nuvalent worth $50,239,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in NUVL. Crowley Wealth Management Inc. bought a new position in Nuvalent during the fourth quarter worth about $27,000. US Bancorp DE bought a new position in Nuvalent during the 4th quarter worth approximately $90,000. KBC Group NV grew its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares during the period. Portland Investment Counsel Inc. acquired a new stake in Nuvalent in the third quarter worth $205,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock worth $205,000 after purchasing an additional 309 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 4,016 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $319,994.88. Following the transaction, the chief financial officer now directly owns 61,734 shares in the company, valued at approximately $4,918,965.12. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a 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 Monday, March 17th. The shares were 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,800 shares of company stock worth $8,437,464. Corporate insiders own 12.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on NUVL shares. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Friday, March 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Nuvalent Stock Down 0.8 %

NASDAQ NUVL opened at $73.05 on Friday. The firm’s 50 day moving average is $78.54 and its 200-day moving average is $87.27. The company has a market capitalization of $5.23 billion, a PE ratio of -21.05 and a beta of 1.42. Nuvalent, Inc. has a 12-month low of $61.80 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current 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.