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

Pictet Asset Management Holding SA raised its stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 3.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 641,781 shares of the company's stock after buying an additional 20,648 shares during the quarter. Pictet Asset Management Holding SA owned about 0.90% of Nuvalent worth $50,239,000 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. Wellington Management Group LLP boosted its position in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock valued at $103,511,000 after acquiring an additional 400,402 shares during the period. Vanguard Group Inc. boosted its holdings in Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Norges Bank bought a new position in Nuvalent in the 4th quarter valued at $24,951,000. American Century Companies Inc. purchased a new position in shares of Nuvalent during the 4th quarter valued at $14,590,000. Finally, ArrowMark Colorado Holdings LLC increased its holdings in shares of Nuvalent by 111.0% in the third quarter. ArrowMark Colorado Holdings LLC now owns 295,152 shares of the company's stock worth $30,194,000 after purchasing an additional 155,261 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of NUVL stock traded down $1.86 on Thursday, hitting $68.60. 89,590 shares of the company's stock traded hands, compared to its average volume of 471,525. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -19.77 and a beta of 1.42. The company's fifty day simple moving average is $78.02 and its 200 day simple moving average is $86.95. Nuvalent, Inc. has a one year low of $61.80 and a one year high of $113.51.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share 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 at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares of the company's stock, valued at $18,091,436.38. This represents a 0.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 17,301 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $19,845,260.16. The trade was a 6.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,800 shares of company stock worth $8,437,464. 12.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on NUVL. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report 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 issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Nuvalent currently has an average rating of "Moderate Buy" and a consensus price target of $113.44.

Nuvalent Company Profile

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.