Pictet Asset Management Holding SA Sells 28,895 Shares of Nuvalent, Inc. $NUVL

Pictet Asset Management Holding SA lessened its holdings in shares of Nuvalent, Inc. (NASDAQ:NUVL) by 7.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 355,681 shares of the company’s stock after selling 28,895 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Nuvalent were worth $35,778,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NUVL. RA Capital Management L.P. acquired a new position in Nuvalent in the third quarter valued at about $107,794,000. Wellington Management Group LLP raised its position 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 during the period. Vanguard Group Inc. lifted its holdings in shares of Nuvalent by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after purchasing an additional 639,264 shares in the last quarter. Polar Capital Holdings Plc lifted its holdings in shares of Nuvalent by 25.3% during the 3rd quarter. Polar Capital Holdings Plc now owns 1,022,225 shares of the company’s stock valued at $88,402,000 after purchasing an additional 206,138 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Nuvalent by 72.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company’s stock valued at $36,955,000 after purchasing an additional 204,002 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 3,093 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total transaction of $323,156.64. Following the sale, the insider directly owned 65,604 shares of the company’s stock, valued at $6,854,305.92. The trade was a 4.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 30,000 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $103.77, for a total transaction of $3,113,100.00. Following the transaction, the chief executive officer 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 44,523 shares of company stock valued at $4,638,807. Corporate insiders own 10.20% of the company’s stock.

Nuvalent Stock Down 2.8%

NASDAQ:NUVL opened at $99.10 on Thursday. Nuvalent, Inc. has a twelve month low of $63.56 and a twelve month high of $113.01. The company has a market cap of $7.79 billion, a P/E ratio of -16.94 and a beta of 1.31. The business has a 50 day moving average price of $102.02 and a two-hundred day moving average price of $101.90.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Cantor Fitzgerald upped their price target on shares of Nuvalent from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, February 27th. HC Wainwright restated a “buy” rating and set a $155.00 price objective on shares of Nuvalent in a report on Tuesday, April 21st. Wells Fargo & Company assumed coverage on shares of Nuvalent in a research report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price objective on the stock. Finally, Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Nuvalent in a report on Wednesday, April 8th. Sixteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $137.25.

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.