Driehaus Capital Management 13F: Cuts Cameco (CCJ) Stake by $52M

Driehaus Trims Uranium Exposure

Driehaus Capital Management scaled back its investment in Cameco Corporation CCJ, according to its latest Form 13F filing with the SEC for the period ended May 15, 2026. The growth-oriented investment firm cut its position by a 33.5% margin, reflecting a lighter footprint in the uranium space. This adjustment follows other portfolio moves by the firm, which recently trimmed stakes in companies like Scholar Rock Holding Corporation and Kymera Therapeutics.

Inside the Reduction

The fund sold 510,038 shares of the nuclear fuel supplier during the period. That left Driehaus with a remaining position of 1,012,600 shares. The reported value of the holding stood at roughly $103.1 million. Because Form 13F filings look backward at holdings from the close of the quarter, the data shows a past snapshot and might not reflect the exact share count today.

Cameco Stock and Market Context

Cameco shares trade near $101.86, sitting below their 52-week peak of $135.24 while staying well above the 52-week low of $77.70. The stock changes hands near its 200-day moving average of $105.50 and above its 50-day moving average of $94.24. With a market capitalization of roughly $36.2 billion, the company trades at a forward P/E ratio of 45.5, while its trailing P/E sits at 141.1 due to lower past earnings.

Analysts Set New Price Targets

Wall Street firms frequently update their views on the uranium producer. On August 12, 2026, Truist Securities maintained a Buy rating while lifting its target to $130.00 from $129.00. Earlier, on August 4, 2026, Barclays kept an Equal-Weight rating with a $97.00 target. B of A Securities maintained a Buy rating with a $140.00 target on July 9, 2026, and RBC Capital held an Outperform rating with a $175.00 target on June 29, 2026. Overall, the stock holds a consensus buy rating from 11 analysts.

Business Operations

Cameco Corporation supplies uranium for electricity generation across the Americas, Europe, and Asia. The company operates through its Uranium, Fuel Services, and Westinghouse segments, mining raw uranium, converting and refining fuel products, and delivering nuclear reactor technology services to commercial utilities and government agencies.

What's Ahead for Cameco Corporation

Investors tracking institutional interest in Cameco will look to subsequent SEC disclosures for further clues on fund positioning. The company is scheduled to report its next round of financial results on October 30, 2026. These filings and earnings releases offer a clearer picture of how institutional managers handle their energy holdings in a shifting commodity market.