Pictet Asset Management Holding SA Has $50.24 Million Stock Holdings in Nuvalent, Inc. (NASDAQ:NUVL)

Pictet Asset Management Holding SA raised its stake in Nuvalent, Inc. (NASDAQ:NUVL) by 3.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 641,781 shares of the company’s stock after buying an additional 20,648 shares during the period. Pictet Asset Management Holding SA’s holdings in Nuvalent were worth $50,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of NUVL. Norges Bank acquired a new position in Nuvalent in the 4th quarter valued at about $24,951,000. NEOS Investment Management LLC grew its position in shares of Nuvalent by 10.9% in the fourth quarter. NEOS Investment Management LLC now owns 11,617 shares of the company’s stock valued at $909,000 after purchasing an additional 1,140 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Nuvalent by 137.8% during the 4th quarter. JPMorgan Chase & Co. now owns 82,527 shares of the company’s stock worth $6,460,000 after purchasing an additional 47,818 shares during the last quarter. Crowley Wealth Management Inc. acquired a new stake in Nuvalent during the 4th quarter worth approximately $27,000. Finally, Vanguard Group Inc. boosted its stake 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. 97.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NUVL. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $113.10.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,896,333.94. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,800 shares of company stock valued at $8,437,464. 12.52% of the stock is currently owned by corporate insiders.

Nuvalent Trading Down 0.8 %

NASDAQ NUVL opened at $73.05 on Friday. Nuvalent, Inc. has a 1 year low of $61.80 and a 1 year high of $113.51. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of -21.05 and a beta of 1.42. The firm’s 50 day simple moving average is $78.54 and its 200 day simple moving average is $87.27.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, equities research analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share 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.