Pictet Asset Management Holding SA Purchases 54,804 Shares of Nuvalent, Inc. $NUVL

Pictet Asset Management Holding SA increased its holdings in Nuvalent, Inc. (NASDAQ:NUVL) by 15.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 410,485 shares of the company’s stock after acquiring an additional 54,804 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Nuvalent were worth $42,054,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. RA Capital Management L.P. purchased a new position in Nuvalent during the third quarter worth about $107,794,000. Wellington Management Group LLP grew its holdings in shares of Nuvalent by 46.0% during the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after purchasing an additional 724,491 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Nuvalent by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after purchasing an additional 639,264 shares in the last quarter. Norges Bank bought a new position in shares of Nuvalent in the fourth quarter worth approximately $57,763,000. Finally, JPMorgan Chase & Co. increased its position in shares of Nuvalent by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after purchasing an additional 545,542 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Performance

NUVL stock opened at $123.50 on Wednesday. The company has a market capitalization of $9.76 billion, a PE ratio of -20.38 and a beta of 1.15. Nuvalent, Inc. has a one year low of $71.13 and a one year high of $123.69. The company’s 50 day moving average price is $108.76 and its two-hundred day moving average price is $104.74.

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

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $98.69, for a total transaction of $1,128,026.70. Following the transaction, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at approximately $8,441,251.77. This trade represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 3,093 shares of Nuvalent stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the transaction, the insider owned 65,604 shares in the company, valued at approximately $6,854,305.92. This represents a 4.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 115,523 shares of company stock valued at $11,409,713. Company insiders own 5.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NUVL shares. Cantor Fitzgerald lowered shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Stifel Nicolaus set a $124.00 price objective on shares of Nuvalent in a research report on Tuesday, June 9th. Sanford C. Bernstein downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $172.00 to $124.00 in a report on Wednesday, June 24th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $124.00 target price (up from $116.00) on shares of Nuvalent in a research report on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $127.73.

About Nuvalent

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.