Nuvalent (NASDAQ:NUVL) Announces Earnings Results

Nuvalent (NASDAQ:NUVL) issued its quarterly earnings results on Thursday. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12), Briefing.com reports. During the same quarter in the prior year, the business earned ($0.51) EPS.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded down $0.25 during mid-day trading on Friday, reaching $69.99. The company had a trading volume of 482,045 shares, compared to its average volume of 410,145. The stock has a fifty day moving average of $76.77 and a two-hundred day moving average of $75.71. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -29.14 and a beta of 1.28. Nuvalent has a 12-month low of $39.86 and a 12-month high of $89.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NUVL shares. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a report on Thursday. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. Finally, Stifel Nicolaus upped their price objective on shares of Nuvalent from $103.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $103.13.

Insider Buying and Selling

In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,515,482. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,515,482. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the transaction, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,500 shares of company stock worth $6,728,310. Insiders own 12.52% of the company’s stock.

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.