Pictet Asset Management Holding SA Boosts Holdings in Nuvalent, Inc. $NUVL

Pictet Asset Management Holding SA boosted its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 15.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 410,485 shares of the company’s stock after acquiring an additional 54,804 shares during the period. Pictet Asset Management Holding SA owned 0.52% of Nuvalent worth $42,054,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUVL. GAMMA Investing LLC raised its holdings in shares of Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Nuvalent in the third quarter valued at approximately $38,000. NBC Securities Inc. bought a new position in Nuvalent during the fourth quarter valued at $125,000. KBC Group NV grew its holdings in Nuvalent by 24.1% during the fourth quarter. KBC Group NV now owns 1,527 shares of the company’s stock valued at $154,000 after purchasing an additional 297 shares during the period. Finally, Portland Investment Counsel Inc. purchased a new stake in Nuvalent in the fourth quarter worth $201,000. 97.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 30,000 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $103.77, for a total value of $3,113,100.00. Following the sale, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at approximately $33,712,693.83. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Henry E. Pelish sold 3,093 shares of the stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $104.48, for a total transaction of $323,156.64. Following the completion of the sale, the insider directly owned 65,604 shares in the company, valued at approximately $6,854,305.92. The trade was a 4.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 115,523 shares of company stock worth $11,409,713 in the last 90 days. 5.02% of the stock is owned by company insiders.

Nuvalent Price Performance

NASDAQ:NUVL opened at $123.50 on Wednesday. Nuvalent, Inc. has a 1 year low of $71.13 and a 1 year high of $123.69. The stock’s fifty day moving average price is $108.76 and its two-hundred day moving average price is $104.74. The company has a market cap of $9.76 billion, a P/E ratio of -20.38 and a beta of 1.15.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the prior year, the firm posted ($1.18) earnings per share. On average, analysts expect that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several research reports. Barclays restated an “equal weight” rating and issued a $124.00 target price (down from $152.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Sanford C. Bernstein lowered Nuvalent from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $172.00 to $124.00 in a report on Wednesday, June 24th. Raymond James Financial cut Nuvalent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 9th. Cantor Fitzgerald downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 9th. Finally, Piper Sandler lowered shares of Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 target price for the company. in a research report on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $127.73.

Nuvalent Company Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.