Nuvalent, Inc. to Post Q3 2024 Earnings of ($0.91) Per Share, Wedbush Forecasts (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Research analysts at Wedbush lowered their Q3 2024 earnings per share estimates for Nuvalent in a note issued to investors on Thursday, August 8th. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings per share of ($0.91) for the quarter, down from their prior estimate of ($0.78). Wedbush currently has a “Outperform” rating and a $99.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.06) per share. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.96) EPS, FY2024 earnings at ($3.45) EPS, FY2025 earnings at ($4.24) EPS, FY2026 earnings at ($4.41) EPS and FY2027 earnings at ($2.13) EPS.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the company earned ($0.51) EPS.

Other equities analysts also recently issued reports about the stock. 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. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, Stifel Nicolaus boosted their price target on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $103.13.

Nuvalent Trading Down 1.0 %

Nuvalent stock opened at $71.44 on Monday. Nuvalent has a 1-year low of $39.86 and a 1-year high of $89.39. The company has a fifty day simple moving average of $76.94 and a 200 day simple moving average of $75.57. The company has a market cap of $4.61 billion, a P/E ratio of -29.64 and a beta of 1.28.

Institutional Trading of Nuvalent

Several institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in Nuvalent by 22.4% during the 4th quarter. Arizona State Retirement System now owns 7,164 shares of the company’s stock worth $527,000 after buying an additional 1,312 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nuvalent by 19.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,796 shares of the company’s stock valued at $1,310,000 after acquiring an additional 2,930 shares in the last quarter. Strs Ohio grew its stake in shares of Nuvalent by 82.1% in the fourth quarter. Strs Ohio now owns 7,100 shares of the company’s stock valued at $522,000 after acquiring an additional 3,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nuvalent by 40.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,417 shares of the company’s stock worth $399,000 after acquiring an additional 1,568 shares during the period. Finally, Handelsbanken Fonder AB acquired a new stake in Nuvalent in the 4th quarter worth about $397,000. 97.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Nuvalent news, Director Emily Conley sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $80.72, for a total transaction of $403,600.00. Following the completion of the sale, the director now owns 2,507 shares of the company’s stock, valued at approximately $202,365.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Emily Conley sold 5,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $80.72, for a total value of $403,600.00. Following the transaction, the director now owns 2,507 shares in the company, valued at approximately $202,365.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,000 shares of company stock valued at $4,465,650. 12.52% of the stock is owned by insiders.

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.